Publications

Summary

  • Summary Vol. 23, No. 3 | September 2014

    The latest issue of the Summary opens with a Strategic Analysis of the US economy in which the authors identify an inequality in the distribution of income as an unsustainable process that hampers economic recovery. A related policy note discusses the historical development and lack of progress in wages in the United States, and a working paper takes up the question of unpaid work time in relation to poverty status. The Fall Summary also includes several publications on issues that continue to confront central banks; notably, shadow banking. The nature of money and the evolution of central banks are discussed in several working papers, as is the work of Distinguished Scholar Hyman P. Minsky as a guide to understanding the sources of and responses to financial instability. Several papers discuss findings on time and income poverty in countries such as Turkey and South Korea. This issue closes with a series of papers exploring the theoretical and empirical bases of the labor and profit shares.

    INSTITUTE RESEARCH

    Program: The State of the US and World Economies

    Strategic Analysis

    • DIMITRI B. PAPADIMITRIOU, MICHALIS NIKIFOROS, GENNARO ZEZZA, GREG HANNSGEN, Is Rising Inequality a Hindrance to the US Economic Recovery?
    • C. J. POLYCHRONIOU, Dead Economic Dogmas Trump Recovery: The Continuing Crisis in the Eurozone Periphery
    • PHILIP PILKINGTON, A Sustainable Monetary Framework for an Independent Scotland
    • ALBERTO BOTTA, Structural Asymmetries at the Roots of the Eurozone Crisis: What’s New for Industrial Policy in the EU?
    • ELOY FISHER and JAVIER LÓPEZ BERNARDO, The Political Economy of Shadow Banking: Debt, Finance, and Distributive Politics under a Kalecki-Goodwin-Minsky SFC Framework

    Program: Monetary Policy and Financial Structure

    • JAN KREGEL, Minsky and Dynamic Macroprudential Regulation
    • L. RANDALL WRAY, Central Bank Independence: Myth and Misunderstanding
    • L. RANDALL WRAY, From the State Theory of Money to Modern Money Theory: An Alternative to Economic Orthodoxy
    • EUGENIO CAVERZASI, Minsky and the Subprime Mortgage Crisis: The Financial Instability Hypothesis in the Era of Financialization
    • ÉRIC TYMOIGNE, Monetary Mechanics: A Financial View
    • THORVALD GRUNG MOE, Shadow Banking: Policy Challenges for Central Banks

    Program: The Distribution of Income and Wealth

    • AJIT ZACHARIAS, THOMAS MASTERSON, and EMEL MEMIŞ, How Poor Is Turkey? And What Can Be Done About It?
    • FERNANDO RIOS-AVILA and JULIE L. HOTCHKISS, A Decade of Flat Wages?
    • THOMAS MASTERSON, Quality of Statistical Match and Employment Simulations Used in the Estimation of the Levy Institute Measure of Time and Income Poverty (LIMTIP) for South Korea, 2009
    • FERNANDO RIOS-AVILA, Quality of Match for Statistical Matches Using the American Time Use Survey 2010, the Survey of Consumer Finances 2010, and the Annual Social and Economic Supplement 2011

    Program: Gender Equality and the Economy

    • LEKHA S. CHAKRABORTY, Gender-responsive Budgeting as Fiscal Innovation: Evidence from India on “Processes”
    • TAMAR KHITARISHVILI and KIJONG KIM, The Great Recession and Unpaid Work Time in the United States: Does Poverty Matter?

    Program: Economic Policy in the 21st Century

    Explorations in Theory and Empirical Analysis

    • FABRIZIO PATRIARCA and CLAUDIO SARDONI, Growth with Unused Capacity and Endogenous Depreciation
    • MARTIN BINDER and LEONHARD K. LADES, Autonomy-enhancing Paternalism
    • OLIVIER GIOVANNONI, What Do We Know About the Labor Share and the Profit Share? Part I: Theories
    • OLIVIER GIOVANNONI, What Do We Know About the Labor Share and the Profit Share? Part II: Empirical Studies
    • OLIVIER GIOVANNONI, What Do We Know About the Labor Share and the Profit Share? Part III: Measures and Structural Factors
    • OLIVIER GIOVANNONI, Income Distribution Macroeconomics

    INSTITUTE NEWS

    • MS Program Welcomes New Graduate Students
    • New Research Scholar
    • New Research Associate

    Upcoming Event: Conference

    • Europe at the Crossroads: A Union of Austerity or Growth Convergence? 

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    • Recent Levy Institute Publications
    Download:
    Author(s):
    Jonathan Hubschman

  • Summary Vol. 23, No. 2 | March 2014

    The Spring 2014 Summary begins with a strategic analysis of the Greek economy using the Levy Institute Model for Greece. The authors analyze several policy scenarios and propose a parallel financial system to support expansionary fiscal policy and a job guarantee program, with Greece remaining in the euro. Related policy notes offer an innovative proposal for a tax-backed bond for Europe, as well as a critical assessment of the “success” of austerity policy in Greece. This issue also contains a policy brief that explores the emergence of vulgarized “stimulus” policies too often confused with Keynesian policy, policy notes assessing relevant lessons from past debt ceiling debates and the social enterprise approach to a US job guarantee, and working papers that examine China’s fiscal and monetary policy options, Modern Money Theory, Federal Reserve governance, time use and gender budgeting, employment effects of North-South trade, Keynes’s full employment proposal, computational challenges in estimating models with more than one fixed effect, productivity effects and profitability impacts of unions in Latin America, and, finally, an analysis of the rational expectations hypothesis in light of Karl Popper’s contribution.

    INSTITUTE RESEARCH

    Program: The State of the US and World Economies

    Strategic Analysis

    • DIMITRI B. PAPADIMITRIOU, MICHALIS NIKIFOROS, and GENNARO ZEZZA, Prospects and Policies for the Greek Economy
    • PHILIP PILKINGTON, The Continued Relevance of Tax-backed Bonds in a Post-OMT
    • C. J. POLYCHRONIOU, The Myth of the Greek Economic “Success Story

    Program: Monetary Policy and Financial Structure

    • AMIT BHADURI, What Remains of the Theory of Demand Management in a Globalizing World
    • JAN KREGEL, Wright Patman’s Proposal to Fund Government Debt at Zero Interest Rates: Lessons for the Current Debate on the US Debt
    • L. RANDALL WRAY and XINHUA LIU, Options for China in a Dollar Standard World: A Sovereign Currency
    • BERNARD SHULL, Financial Crisis Resolution and Federal Reserve Governance: Economic Thought and Political
    • ÉRIC TYMOIGNE , Modern Money Theory and Interrelations between the Treasury and the Central Bank: The Case of the United States

    Program: Gender Equality and the Economy

    • LEKHA S. CHAKRABORTY, Integrating Time in Public Policy: Empirical Description of Gender-specific Outcomes and Budgeting
    • BURÇA KIZILIRMAK, EMEL MEMIŞ, ŞIRIN SARAÇOĞLU, and EBRU VOYVODA, Changes in Global Trade Patterns and Women’s Employment in Manufacturing: An Analysis over the Period of Asianization and Deindustrialization

    Program: Employment Policy and Labor Markets

    • PAVLINA R. TCHERNEVA, The Social Enterprise Model for a Job Guarantee in the United States
    • FERNANDO RIOS-AVILA, Unions and Economic Performance in Developing Countries: Case Studies from Latin America
    • PAVLINA R. TCHERNEVA, Full Employment: The Road Not Taken

    Program: Economic Policy for the 21st Century

    Explorations in Theory and Empirical Analysis

    • PHILIP PILKINGTON, A Stock-flow Approach to a General Theory of Pricing
    • FERNANDO RIOS-AVILA, Feasible Estimation of Linear Models with N-fixed Effects
    • IVÁN H. AYALA and ALFONSO PALACIO-VERA, The Rational Expectations Hypothesis: An Assessment from Popper’s Philosophy

    INSTITUTE NEWS

    • MS Program Welcomes New Graduate Students
    • New Research Associate

    Upcoming Events

    • 23rd Annual Hyman P. Minsky Conference
    • The Hyman P. Minsky Summer Seminar

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    • Recent Levy Institute Publications
    Download:
    Author(s):
    Jonathan Hubschman

  • Summary Vol. 23, No. 1 | January 2014

    The Winter 2014 Summary begins with a strategic analysis of the US economy that calls for targeted spending on high-tech R & D manufacturing to buttress the fragile economic recovery. A related policy note, published during the US government shutdown, explores the consequences of not raising the debt ceiling for the US economy. Other topics covered in this issue include the need for more aggressive action by the Federal Reserve to strengthen recovery in the real economy, a detailed response to the critics of Modern Money Theory, and a critical assessment of fiscal fine-tuning. Turning to the eurozone, several new publications address the ongoing crisis, the need for a “Euro Treasury,” the German debt brake, the origins and nature of the Greek crisis, and an analysis of the labor market in Turkey. The issue closes with theoretical explorations of the business cycle, profit- and wage-led growth models, the role of norms and ideals in market interactions, and the process of credit creation by private banks. The Summary also includes overviews of recent Levy Institute conferences in Rio de Janeiro, Brazil and Athens, Greece. (The conference audio and video are available in the Events section of our website.)

    INSTITUTE RESEARCH

    Program: The State of the US and World Economies

    Strategic Analysis

    • DIMITRI B. PAPADIMITRIOU, GREG HANNSGEN, MICHALIS NIKIFOROS, and GENNARO ZEZZA, Rescuing the Recovery: Prospects and Policies for the United States

    Conference Proceedings

    • The Eurozone Crisis, Greece, and the Experience of Austerity
    • MICHALIS NIKIFOROS, A New “Lehman Moment,” or Something Worse? A Scenario of Hitting the Debt Ceiling C. J. POLYCHRONIOU, A Failure by Any Other Name: The International Bailouts of Greece
    • JÖRG BIBOW, Lost at Sea: The Euro Needs a Euro Treasury
    • ECKHARD HEIN and ACHIM TRUGER, Fiscal Policy and Rebalancing in the Euro Area: A Critique of the German Debt Brake from a Post-Keynesian Perspective
    • PAVLINA R. TCHERNEVA, Reorienting Fiscal Policy: A Critical Assessment of Fiscal Fine-Tuning
    • MICHALIS NIKIFOROS, LAURA CARVALHO, and CHRISTIAN SCHODER, Foreign and Public Deficits in Greece: In Search of Causality

    Program: Monetary Policy and Financial Structure

    Conference Proceedings

    • Financial Governance after the Crisis
    • WILLIAM GREIDER, “Unusual and Exigent”: How the Fed Can Jump-start the Real Economy
    • WILLIAM GREIDER, Debt Relief and the Fed's Money-creation Power
    • ÉRIC TYMOIGNE and L. RANDALL WRAY, Modern Money Theory 101: A Reply to Critics

    Program: The Distribution of Income and Wealth

    • THOMAS MASTERSON, Quality of Statistical Match and Simulations Used in the Estimation of the Levy Institute Measure of Time and Consumption Poverty (LIMTCP) for Turkey in 2006

    Program: Employment Policy and Labor Markets

    • SERKAN DEĞIRMENCI and İPEK İLKKARACAN, Economic Crises and the Added Worker Effect in the Turkish Labor Market

    Program: Economic Policy for the 21st Century

    Explorations in Theory and Empirical Analysis

    • AURÉLIE CHARLES, Hierarchy of Ideals in Market Interactions: An Application to the Labor Market
    • GIOVANNI BERNARDO and EMANUELE CAMPIGLIO, A Simple Model of Income, Aggregate Demand, and the Process of Credit Creation by Private Banks
    • ESTEBAN PÉREZ CALDENTEY and MATÍAS VERNENGO, Wage and Profit-led Growth: The Limits to Neo-Kaleckian Models and a Kaldorian Proposal
    • EGMONT KAKAROT-HANDTKE, Keynes’s Employment Function and the Gratuitous Phillips Curve Disaster
    • MICHALIS NIKIFOROS, Uncertainty and Contradiction: An Essay on the Business Cycle

    INSTITUTE NEWS

    • The Levy-Nagoya Joint Workshop on Income Policy
    • New Research Associate

    Upcoming Event

    • The Hyman P. Minsky Summer Seminar

    Save the Dates

    • 23rd Annual Hyman P. Minsky Conference
    • The 12th International Post Keynesian Conference

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    • Recent Levy Institute Publications
    Download:
    Author(s):
    Jonathan Hubschman

  • Summary Vol. 22, No. 3 | October 2013

    This issue of the Summary begins with a new Strategic Analysis for Greece, as well as several publications that address the impacts of austerity in the eurozone and Germany’s complicated role in the creation and ongoing consequences of the euro crisis. Other publications address the global financial crisis, including issues of financial regulatory reform and the lessons to be drawn from the Cypriot deposit tax proposal. Turning to the United States, the issue includes a critical analysis of employment trends as well as papers on the source of US inflation moderation, the current unprecedented level of excess reserves, and the actions taken by the Federal Reserve during and following the crisis. Research on the opportunities for more effective social protection policies and analyses of the gender wage gap and the added worker effect in Georgia are also presented. The Summary concludes with an analysis of the factors driving housing markets and a discussion of the nature and role of shocks in heterodox models.

    INSTITUTE RESEARCH

    Program: The State of the US and World Economies

    • DIMITRI B. PAPADIMITRIOU, MICHALIS NIKIFOROS, and GENNARO ZEZZA, The Greek Economic Crisis and the Experience of Austerity: A Strategic Analysis
    • C. J. POLYCHRONIOU, Toward a Post-Keynesian Political Economy for the 21st Century: General Reflections and Considerations on an Era Ripe for Change
    • MICHALIS NIKIFOROS, Employment Recovery(?) after the Great Recession
    • C. J. POLYCHRONIOU, The New Rome: The EU and the Pillage of the Indebted Countries
    • GERARDO FUJII-GAMBERO and ROSARIO CERVANTES-MARTÍNEZ, Indirect Domestic Value Added in Mexico’s Manufacturing Exports, by Origin and Destination Sector
    • JÖRG BIBOW, On the Franco-German Euro Contradiction and Ultimate Euro Battleground
    • JÖRG BIBOW, Germany and the Euroland Crisis: The Making of a Vulnerable Haven

    Program: Monetary Policy and Financial Structure

    • L. RANDALL WRAY, The Lender of Last Resort: A Critical Analysis of the Federal Reserve’s Unprecedented Intervention after 2007
    • JAN KREGEL, More Swimming Lessons from the London Whale
    • JAN KREGEL, Lessons from the Cypriot Deposit Haircut for EU Deposit Insurance Schemes
    • NICOLA MATTHEWS, How the Fed Reanimated Wall Street: The Low and Extended Lending Rates that Revived the Big Banks
    • NATHAN PERRY and NATHANIEL CLINE, Wages, Exchange Rates, and the Great Inflation Moderation: A Post-Keynesian View
    • SUNANDA SEN, Currency Concerns under Uncertainty: The Case of China
    • WALKER F. TODD, The Problem of Excess Reserves, Then and Now

    Program: Gender Equality and the Economy

    • RANIA ANTONOPOULOS, From Safety Nets to Economic Empowerment: Is There Space to Promote Gender Equality in the Evolution of Social Protection?
    • TAMAR KHITARISHVILI, The Economic Crisis of 2008 and the Added Worker Effect in Transition Countries
    • TAMAR KHITARISHVILI, Evaluating the Gender Wage Gap in Georgia, 2004–2011

    Program: Economic Policy for the 21st Century

    Explorations in Theory and Empirical Analysis

    • PHILIP ARESTIS and ANA ROSA GONZÁLEZ, Modeling the Housing Market in OECD Countries
    • GREG HANNSGEN, Heterodox Shocks

    INSTITUTE NEWS

    • New Research Associate

    Upcoming Events:

    • Conference: Financial Governance after the Crisis, Rio de Janeiro, Brazil
    • Conference: The Eurozone Crisis, Greece, and the Experience of Austerity, Athens, Greece

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    Download:
    Author(s):
    Jonathan Hubschman

  • Summary Vol. 22, No. 2 | April 2013

    This issue of the Summary features the Macro Modeling Team’s latest Strategic Analysis and a collection of Hyman P. Minsky’s writings on poverty and employment titled Ending Poverty: Jobs, Not Welfare. Also included are publications focused on the Fed’s history, governance, and policies; the social and economic consequences of the ongoing crisis in Greece; the challenges and policy choices faced by the eurozone; a demonstration of the emergence of secondary markets from the flow part of the economy using only structural axioms; gender differences in the long-term benefits of worker migration; the impacts of financialization and uncertainty on the accumulation process; the link between endogenous bank credit and the housing market; a review of the stock-flow consistent modeling literature; analyses of factors affecting US economic growth and business-cycle patterns in Latin America and the Caribbean; a Kaleckian perspective on income redistribution; a discussion of the trends in income inequality and household finance in the United States; and a critical exploration of the opportunities to promote gender equality through social protection initiatives in developing countries.

    INSTITUTE RESEARCH

    Program: The State of the US and World Economies

    • DIMITRI B. PAPADIMITRIOU, GREG HANNSGEN, and MICHALIS NIKIFOROS, Is the Link between Output and Jobs Broken?
    • C. J. POLYCRONIOU, The Tragedy of Greece: A Case against Neoliberal Economics, the Domestic Political Elite, and the EU/IMF Duo
    • GIORGOS ARGITIS, Greece: Caught Fast in the Troika’s Austerity Trap
    • ROBERT J. BARBERA and GERALD HOLTHAM, ECB Worries / European Woes: The Economic Consequences of Parochial Policy

    Program: Monetary Policy and Financial Structure

    • PHILIP ARESTIS, ANA ROSA GONZÁLEZ, and OSCÁR DEJUÁN, Investment, Financial Markets, and Uncertainty
    • THORVALD GRUNG MOE, Marriner S. Eccles and the 1951 Treasury–Federal Reserve Accord: Lessons for Central Bank Independence
    • PHILIP ARESTIS and ANA ROSA GONZÁLEZ, Endogenous Bank Credit and Its Link to Housing in OECD Countries
    • THOMAS M. HUMPHREY, Arresting Financial Crises: The Fed versus the Classicals
    • BARRY Z. CYNAMON and STEVEN M. FAZZARI, Inequality and Household Finance during the Consumer Age
    • EUGENIO CAVERZASI, The Missing Macro Link

    Program: Gender Equality and the Economy

    • RANIA ANTONOPOULOS, Expanding Social Protection in Developing Countries: A Gender Perspective

    Program: Immigration, Ethnicity, and Social Structure

    • SANJAYA DESILVA, Long-Term Benefits from Temporary Migration: Does the Gender of the Migrant Matter?

    Program: Economic Policy for the 21st Century

    Explorations in Theory and Empirical Analysis

    • EGMONT KAKAROT-HANDTKE, Primary and Secondary Markets
    • LEKHA S. CHAKRABORTY, Interest Rate Determination in India: Empirical Evidence on Fiscal Deficit – Interest Rate Linkages and Financial Crowding Out
    • EUGENIO CAVERZASI and ANTOINE GODIN, Stock-flow Consistent Modeling through the Ages
    • ECKHARD HEIN, Finance-dominated Capitalism and Redistribution of Income: A Kaleckian Perspective
    • LEKHA S. CHAKRABORTY, YADAWENDRA SINGH, and JANNET FARIDA JACOB, Analyzing Public Expenditure Benefit Incidence in Health Care: Evidence from India
    • ESTEBAN PÉREZ CALDENTEY, DANIEL TITELMAN, and PABLO CARVALLO, Weak Expansions: A Distinctive Feature of the Business Cycle in Latin America and the Caribbean
    • OLIVIER G. GIOVANNONI, Growth Trends and Cycles in the American Postwar Period, with Implications for Policy
    • MICHAEL A. VALENTI and OLIVIER GIOVANNONI, The Economics of Inclusion: Building an Argument for a Shared Society

    INSTITUTE NEWS

    • New Levy Institute Book
    • New Master’s Degree Program in Economic Theory and Policy
    • New Research Scholar
    • Economic Forum in Athens

    Upcoming Events:

    • 22nd Annual Hyman P. Minsky Conference: Building a Financial Structure for a More Stable and Equitable Economy
    • The 2013 Hyman P. Minsky Summer Seminar

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    • Recent Levy Institute Publications
    Download:
    Author(s):
    Jonathan Hubschman

  • Summary Vol. 22, No. 1 | January 2013

    The Summary updates current Levy Institute research, with synopses of new publications, accounts of professional presentations by the research staff, and an overview of Levy Institute events. This issue contains the proceedings of the Hyman P. Minsky Conference on Financial Instability: Debt, Deficits, and Unstable Markets, as well as an analysis of the “fiscal cliff” debate, proposals to address the ongoing eurozone crisis, an examination of the current conditions and prospects for the Greek economy, findings from the application of the Levy Institute Measure of Time and Income Poverty, a proposal for a new meme for money, a review of the implications of Dodd-Frank for the Fed, contributions to the capacity utilization literature, and a discussion of employer-of-last-resort programs as institutions for change.

    INSTITUTE RESEARCH

    Program: The State of the US and World Economies

    • Hyman P. Minsky Conference on Financial Instability: Debt, Deficits, and Unstable Markets
    • C. J. POLYCHRONIOU, Greece’s Bailouts and the Economics of Social Disaster
    • ECKHARD HEIN, The Crisis of Finance-dominated Capitalism in the Euro Area, Deficiencies in the Economic Policy Architecture, and Deflationary Stagnation Policies
    • JÖRG BIBOW, At the Crossroads: The Euro and Its Central Bank Guardian (and Savior?)
    • ALBERTO BOTTA, Conflicting Claims in the Eurozone? Austerity’s Myopic Logic and the Need for a European Federal Union in a Post-Keynesian Eurozone Center – Periphery Model

    Program: Monetary Policy and Financial Structure

    • GREG HANNSGEN and DIMITRI B. PAPADIMITRIOU, Fiscal Traps and Macro Policy after the Eurozone Crisis
    • BERNARD SHULL, The Impact of Reform on Federal Reserve Autonomy
    • L. RANDALL WRAY, A Meme for Money

    Program: The Distribution of Income and Wealth

    Levy Institute Measure of Time and Income Poverty

    • RANIA ANTONOPOULOS, THOMAS MASTERSON, and AJIT ZACHARIAS, It’s About “Time”: Why Time Deficits Matter

    Program: Employment Policy and Labor Markets

    • DIMITRI B. PAPADIMITRIOU, GENNARO ZEZZA, and VINCENT DUWICQUET, Current Prospects for the Greek Economy: Interim Report
    • PAVLINA R. TCHERVENA, Beyond Full Employment: The Employer of Last Resort as an Institution for Change

    Program: Economic Policy for the 21st Century

    Explorations in Theory and Empirical Analysis

    • EGMONT KAKAROT-HANDTKE, The Common Error of Common Sense: An Essential Rectification of the Accounting Approach
    • ALESSANDRO CAIANI, ANTOINE GODIN, and STEFANO LUCARELLI, Innovation and Finance: An SFC Analysis of Great Surges of Development
    • MICHALIS NIKIFOROS, The (Normal) Rate of Capacity Utilization at the Firm Level
    • MICHALIS NIKIFOROS, On the “Utilization Controversy”: A Theoretical and Empirical
    • Discussion of the Kaleckian Model of Growth and Distribution

    INSTITUTE NEWS

    • New Research Scholars
    • New Research Associate
    • New Editor

    Upcoming Events:

    • 22nd Annual Hyman P. Minsky Conference: Building a Financial Structure for a More Stable and Equitable Economy
    • The 2013 Hyman P. Minsky Summer Seminar

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    • Recent Levy Institute Publications
    Download:
    Author(s):
    Jonathan Hubschman

  • Summary Vol. 21, No. 3 | November 2012

    The Levy Economics Institute is pleased to announce the release of the Fall 2012 Summary. Available in both printed and electronic form, the Summary updates current Levy Institute research, with synopses of new publications, accounts of professional presentations by the research staff, and an overview of Levy Institute events.

    In this issue, papers survey the prospects for the US economy, examine the direction of US fiscal policy, analyze the ongoing crisis in the eurozone, discuss the effects of austerity measures in Greece, propose an alternative explanation of the LIBOR scandal, offer more effective measures of poverty, review developments in regulatory reform of the financial sector, present an alternative history of money, outline new issues in gender equality, and contribute to ongoing debates in areas ranging from financial instability to aggregate production functions.

    INSTITUTE RESEARCH

    Program: The State of the US and World Economies

    • DIMITRI B. PAPADIMITRIOU, GREG HANNSGEN, and GENNARO ZEZZA, Back to Business as Usual? Or a Fiscal Boost?
    • C. J. POLYCHRONIOU, The Mediterranean Conundrum: The Link between the State and the Macroeconomy, and the Disastrous Effects of the European Policy of Austerity
    • C. J. POLYCHRONIOU, Reconceiving Change in the Age of Parasitic Capitalism: Writing Down Debt, Returning to Democratic Governance, and Setting Up Alternative Financial Systems—Now
    • PHILIP PILKINGTON and WARREN MOSLER, Tax-backed Bonds—A National Solution to the European Debt Crisis
    • RAINER KATTEL and RINGA RAUDLA, Austerity that Never Was? The Baltic States and the Crisis
    • C. J. POLYCHRONIOU, The Greek Crisis: Possible Costs and Likely Outcomes of a Grexit
    • DIMITRI B. PAPADIMITRIOU and L. RANDALL WRAY, Euroland's Original Sin
    • JAN KREGEL, Six Lessons from the Euro Crisis
    • SUNANDA SEN, Managing Global Financial Flows at the Cost of National Autonomy: China and India
    • PAVLINA R. TCHERNEVA, Reorienting Fiscal Policy after the Great Recession
    • JÖRG BIBOW, The Euro Debt Crisis and Germany’s Euro Trilemma
    • GREG HANNSGEN, Fiscal Policy, Unemployment Insurance, and Financial Crises in a Model of Growth and Distribution
    • ESTEBAN PÉREZ CALDENTEY and MATÍAS VERNENGO, Toward an Understanding of Crises Episodes in Latin America: A Post-Keynesian Approach

    Program: Monetary Policy and Financial Structure

    • JAN KREGEL, Minsky and the Narrow Banking Proposal: No Solution for Financial Reform
    • JAN KREGEL, The Wrong Risks: What a Hedge Gone Awry at JPMorgan Chase Tells Us about What’s Wrong with Dodd-Frank
    • JAN KREGEL, The LIBOR Scandal: The Fix Is In—the Bank of England Did It!
    • L. RANDALL WRAY, Global Financial Crisis: A Minskyan Interpretation of the Causes, the Fed’s Bailout, and the Future
    • THORVALD GRUNG MOE, Shadow Banking and the Limits of Central Bank Liquidity Support: How to Achieve a Better Balance between Global and Official Liquidity
    • THORVALD GRUNG MOE, Control of Finance as a Prerequisite for Successful Monetary Policy: A Reinterpretation of Henry Simons’s “Rules versus Authorities in Monetary Policy”
    • ÉRIC TYMOIGNE, Measuring Macroprudential Risk through Financial Fragility: A Minskyan Approach
    • L. RANDALL WRAY, Introduction to an Alternative History of Money
    • NICHOLAS APERGIS and EMMANUEL MAMATZAKIS, What Are the Driving Factors behind the Rise of Spreads and CDSs of Euro-area Sovereign Bonds? A FAVAR Model for Greece and Ireland
    • CHARLES J. WHALEN, Post-Keynesian Institutionalism after the Great Recession
    • JAN KREGEL, Diversity and Uniformity in Economic Theory as an Explanation of the Recent Economic Crisis

    Program: The Distribution of Income and Wealth

    Levy Institute Measure of Economic Well-Being

    • THOMAS MASTERSON, Simulations of Full-Time Employment and Household Work in the Levy Institute Measure of Time and Income Poverty (LIMTIP) for Argentina, Chile, and Mexico

    Program: Gender Equality and the Economy

    • GÜNSELI BERIK and EBRU KONGAR, Time Use of Mothers and Fathers in Hard Times: The US Recession of 2007–09

    Program: Employment Policy and Labor Markets

    • ANTOINE GODIN, Guaranteed Green Jobs, Sustainable Full Employment

    Program: Economic Policy for the 21st Century

    Explorations in Theory and Empirical Analysis

    • JESUS FELIPE, ARNELYN ABDON, and UTSAV KUMAR, Tracking the Middle-income Trap: What Is It, Who Is in It, and Why?
    • JESUS FELIPE and JOHN MCCOMBIE, Aggregate Production Functions and the Accounting Identity Critique: Further Reflections on Temple’s Criticisms and Misunderstandings
    • JESUS FELIPE and JOHN MCCOMBIE, Problems with Regional Production Functions and Estimates of Agglomeration Economies: A Caveat Emptor for Regional Scientists
    • MICHAEL HUDSON, Veblen’s Institutionalist Elaboration of Rent

    INSTITUTE NEWS

    • New Master’s Degree Program in Economic Theory and Policy
    • 21st Annual Hyman P. Minsky Conference: Debt, Deficits, and Financial Instability

    Upcoming Event:

    • The 2013 Hyman P. Minsky Summer Seminar

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    • Recent Levy Institute Publications
    Download:
    Author(s):
    Jonathan Hubschman Michael Stephens

  • Summary Vol. 21, No. 2 | April 2012

    The Summary updates current Levy Institute research, with synopses of new publications, accounts of professional presentations by the research staff, and an overview of Levy Institute events. In this issue, papers survey the prospects of a new global financial crisis, propose a new institutional architecture and other solutions to the global debt crisis, quantify the Federal Reserve measures to stabilize the US economy, compare inequality and living standards in Canada and the United States, outline labor-demand policies that connect fiscal policy with full employment, and suggest a return to classical economic policies, including debt write-downs.

    INSTITUTE RESEARCH

    Program: The State of the US and World Economies

    • DIMITRI B. PAPADIMITRIOU and L. RANDALL WRAY, Fiddling in Euroland as the Global Meltdown Nears
    • C. J. POLYCRHONIOU, Neo-Hooverian Policies Threaten to Turn Europe into an Economic Wasteland
    • ESTEBAN PÉREZ-CALDENTEY and MATÍAS VERNENGO, The Euro Imbalances and Financial Deregulation: A Post-Keynesian Interpretation of the European Debt Crisis
    • L. RANDALL WRAY, The Euro Crisis and the Job Guarantee: A Proposal for Ireland
    • ROBERT DUBOIS, The European Central Bank and Why Things Are the Way They Are: A Historic Monetary Policy Pivot Point and Moment of (Relative) Clarity

    Program: Monetary Policy and Financial Structure

    • JAMES FELKERSON, A Detailed Look at the Fed’s Crisis Response by Funding Facility and Recipient
    • JAMES FELKERSON, $29,000,000,000,000: A Detailed Look at the Fed’s Bailout by Funding Facility and Recipient
    • L. RANDALL WRAY, Is There Room for Bulls, Bears, and States in the Circuit?
    • L. RANDALL WRAY, Imbalances? What Imbalances? A Dissenting View
    • BERNARD SHULL, Too Big to Fail: Motives, Countermeasures, and the Dodd-Frank Response

    Program: The Distribution of Income and Wealth

    Levy Institute Measure of Economic Well-Being

    • EDWARD N. WOLFF, AJIT ZACHARIAS, THOMAS MASTERSON, SELÇUK EREN, ANDREW SHARPE, and ELSPETH HAZELL, A Comparison of Inequality and Living Standards in Canada and the United States Using an Expanded Measure of Economic Well-Being

    Program: Employment Policy and Labor Markets

    • PAVLINA R. TCHERNEVA, Full Employment through Social Entrepreneurship: The Nonprofit Model for Implementing a Job Guarantee
    • PAVLINA R. TCHERNEVA, What Do Poor Women Want? Employment or Cash Transfers? Lessons from Argentina
    • PAVLINA R. TCHERNEVA, Inflationary and Distributional Effects of Alternative Fiscal Policies: An Augmented Minskyan-Kaleckian Model

    Program: Economic Policy for the 21st Century

    Explorations in Theory and Empirical Analysis

    • MICHAEL HUDSON, Trade and Payments Theory in a Financialized Economy
    • SANJAYA DESILVA and MOHAMMED MEHRAB BIN BAKHTIAR, Women, Schooling, and Marriage in Rural Philippines
    • MICHAEL HUDSON, The Road to Debt Deflation, Debt Peonage, and Neofeudalism

    INSTITUTE NEWS

    Upcoming Events:

    • 21st Annual Hyman P. Minsky Conference, April 11–12, 2012
    • The Hyman P. Minsky Summer Seminar, June 16–24, 2012

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    • Recent Levy Institute Publications
    Download:
    Author(s):
    W. Ray Towle

  • Summary Vol. 21, No. 1 | December 2011

    The Summary updates current Levy Institute research, with synopses of new publications, accounts of professional presentations by the research staff, and an overview of Levy Institute events. In this issue, papers include a new Strategic Analysis that justifies fears of prolonged stagnation and flat employment, proposals to resolve problems in the eurozone, recommendations for avoiding another global financial crisis, the Levy Institute Measure of Time and Income Poverty, gender inequalities in work time, and the economic impact of legalizing undocumented immigrants in the United States.

    INSTITUTE RESEARCH

    Program: The State of the US and World Economies

    • DIMITRI B. PAPADIMITRIOU, GREG HANNSGEN, and GENNARO ZEZZA, Is the Recovery Sustainable?
    • THOMAS I. PALLEY, The Contradictions of Export-led Growth
    • JAN KREGEL, Debtors’ Crisis or Creditors’ Crisis? Who Pays for the European Sovereign and Subprime Mortgage Losses?
    • STUART HOLLAND, Resolving the Eurozone Crisis—without Debt Buyouts, National Guarantees, Mutual Insurance, or Fiscal Transfers
    • MARSHALL AUERBACK, Toward a Workable Solution for the Eurozone
    • C. J. POLYCHRONIOU, An Unblinking Glance at a National Catastrophe and the Potential Dissolution of the Eurozone: Greece’s Debt Crisis in Context
    • DIMITRI B. PAPADIMITRIOU and L. RANDALL WRAY, Euroland in Crisis as the Global Meltdown Picks Up Speed
    • GREGOR SEMIENIUK, TILL VAN TREECK, and ACHIM TRUGER, Reducing Economic Imbalances in the Euro Area: Some Remarks on the Current Stability Programs, 2011–14

    Program: Monetary Policy and Financial Structure

    • L. RANDALL WRAY, Waiting for the Next Crash: The Minskyan Lessons We Failed to Learn
    • L. RANDALL WRAY, Lessons We Should Have Learned from the Global Financial Crisis but Didn’t
    • GREG HANNSGEN, Infinite-variance, Alpha-stable Shocks in Monetary SVAR: Final Working Paper Version
    • JÖRG BIBOW, Permanent and Selective Capital Account Management Regimes as an Alternative in Self-Insurance Strategies in Emerging-market Economies
    • ANDREW SHENG, Central Banking in an Era of Quantitative Easing
    • ALFONSO PALACIO-VERA, Quantitative Easing, Functional Finance, and the “Neutral” Interest Rate
    • JESÚS MUÑOZ, Orthodox versus Heterodox (Minskyan) Perspectives of Financial Crises: Explosion in the 1990s versus Implosion in the 2000s

    Program: The Distribution of Income and Wealth

    • AJIT ZACHARIAS, The Measurement of Time and Income Poverty

    Levy Institute Measure of Economic Well-Being

    • THOMAS MASTERSON, Quality of Match for Statistical Matches Used in the Development of the Levy Institute Measure of Time and Income Poverty (LIMTIP) for Argentina, Chile, and Mexico

    Program: Gender Equality and the Economy

    • EMEL MEMIS and S. A. KAYA BAHÇE, Estimating the Impact of the Recent Economic Crisis on Work Time in Turkey
    • KIJONG KIM and RANIA ANTONOPOULOS, Unpaid and Paid Care: The Effects of Child Care and Elder Care on the Standard of Living
    • GUNSELI BERIK and EBRU KONGAR, Time Use of Mothers and Fathers in Hard Times and Better Times: The US Business Cycle of 2003–10

    Program: Immigration, Ethnicity, and Social Structure

    • SELÇUK EREN, HUGO BENÍTEZ-SILVA, and EVA CÁRCELES-POVEDA, Effects of Legal and Unauthorized Immigration on the US Social Security System

    Program: Economic Policy for the 21st Century

    • SANJAYA DESILVA, Access to Markets and Farm Efficiency: A Study of Rice Farms in the Bicol Region, Philippines

    Explorations in Theory and Empirical Analysis

    • F. PATRIARCA and C. SARDONI, Distribution and Growth: A Dynamic Kaleckian Approach

    INSTITUTE NEWS

    • 21st Annual Hyman P. Minsky Conference, April 11–12, 2012
    • The Hyman P. Minsky Summer Seminar, June 16–24, 2012
    • Levy Institute Launches Greek Website
    • 1967 Israeli Census Now Available Online
    • New Research Associate and Policy Fellow
    • New Research Associate

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    Download:
    Author(s):
    W. Ray Towle

  • Summary Vol. 20, No. 3 | September 2011

    In this issue, papers focus on the prospects for US economic growth, including jobs programs and other public-sector initiatives; the euro and sovereign-debt crises in the eurozone, as well as global economic tensions between emerging market and industrialized economies; the nature of global finance and its role in real world economies; the impact of government fiscal policy on economic recovery; estimating the Levy Institute Measure of Economic Well-Being for Great Britain, France, and Canada; and the potential role of social care delivery in generating economy-wide employment outcomes.

    INSTITUTE RESEARCH

    Program: The State of the US and World Economies

    Strategic Analysis

    • DIMITRI B. PAPADIMITRIOU, GREG HANNSGEN, and GENNARO ZEZZA, Jobless Recovery Is No Recovery: Prospects for the US Economy
    • GREG HANNSGEN and DIMITRI B. PAPADIMITRIOU, Will the Recovery Continue? Four Fragile Markets, Four Years Later
    • JAMES K. GALBRAITH, Is the Federal Debt Unsustainable?
    • YANIS VAROUFAKIS and STUART HOLLAND, A Modest Proposal for Overcoming the Euro Crisis
    • MICHAEL HUDSON, What Does Norway Get Out Of Its Oil Fund, if Not More Strategic Infrastructure Investment?
    • JULIO LÓPEZ-GALLARDO and LUIS REYES-ORTIZ, Effective Demand in the Recent Evolution of the US Economy
    • THOMAS I. PALLEY, The Rise and Fall of Export-led Growth
    • NATHAN PERRY and MATÍAS VERNENGO, What Ended the Great Depression? Reevaluating the Role of Fiscal Policy

    Program: Monetary Policy and Financial Structure

    • JAN KREGEL, Was Keynes’s Monetary Policy, à Outrance in the Treatise, a Forerunner of ZIRP and QE? Did He Change His Mind in the General Theory?
    • L. RANDALL WRAY, Financial Keynesianism and Market Instability
    • ÉRIC TYMOIGNE, Measuring Macroprudential Risk: Financial Fragility Indexes
    • L. RANDALL WRAY, A Minskyan Road to Financial Reform
    • L. RANDALL WRAY, Money in Finance
    • L. RANDALL WRAY, Keynes after 75 Years: Rethinking Money as a Public Monopoly
    • L. RANDALL WRAY, Minsky Crisis
    • JÖRG BIBOW, Financial Markets
    • L. RANDALL WRAY, Minsky’s Money Manager Capitalism and the Global Financial Crisis
    • L. RANDALL WRAY, The Financial Crisis Viewed from the Perspective of the "Social Costs" Theory
    • PEDRO LEAO and ALFONSO PALACIO-VERA, Can Portugal Escape Stagnation without Opting Out from the Eurozone?
    • DIRK J. BEZEMER, Causes of Financial Instability: Don't Forget Finance
    • DAVID FIELDS and MATÍAS VERNENGO, Hegemonic Currencies during the Crisis: The Dollar versus the Euro in a Cartalist Perspective
    • GARY A. DYMSKI, JESUS HERNANDEZ, and LISA MOHANTY, Race, Power, and the Subprime/Foreclosure Crisis: A Mesoanalysis
    • CHRISTINE SINAPI, Institutional Prerequisites of Financial Fragility within Minsky’s Financial Instability Hypothesis: A Proposal in Terms of "Institutional Fragility"

    Program: The Distribution of Income and Wealth

    Levy Institute Measure of Economic Well-Being

    • THOMAS MASTERSON, Quality of Match for Statistical Matches Used in the 1995 and 2005 LIMEW Estimates for Great Britain
    • SELÇUK EREN, THOMAS MASTERSON, EDWARD WOLFF, and AJIT ZACHARIAS, The Levy Institute Measure of Economic Well-Being, Great Britain, 1995 and 2005
    • THOMAS MASTERSON, Quality of Match for Statistical Matches Used in the 1989 and 2000 LIMEW Estimates for France
    • THOMAS MASTERSON, AJIT ZACHARIAS, SELÇUK EREN, and EDWARD N. WOLFF, The Levy Institute Measure of Economic Well-Being, France, 1989 and 2000
    • ANDREW SHARPE, ALEXANDER MURRAY, BENJAMIN EVANS, and ELSPETH HAZELL, The Levy Institute Measure of Economic Well-Being: Estimates for Canada, 1999 and 2005

    Program: Employment Policy and Labor Markets

    • MATHEW FORSTATER, The Freedom Budget at 45: Functional Finance and Full Employment
    • RANIA ANTONOPOULOS and KIJONG KIM, Public Job-creation Programs: The Economic Benefits of Investing in Social Care: Case Studies in South Africa and the United States

    Program: Economic Policy for the 21st Century

    Explorations in Theory and Empirical Analysis

    • L. RANDALL WRAY, The Dismal State of Macroeconomics and the Opportunity for a New Beginning
    • ARNELYN ABDON and JESUS FELIPE, The Product Space: What Does It Say About the Opportunities for Growth and Structural Transformation of Sub-Saharan Africa?
    • NAZIM KADRI EKINCI, Income Distribution in a Monetary Economy: A Ricardo-Keynes Synthesis
    • SUNANDA SEN, The Global Crisis and the Remedial Actions: A Nonmainstream Perspective

    INSTITUTE NEWS

    • 20th Annual Hyman P. Minsky Conference: Financial Reform and the Real Economy
    • The Wynne Godley Memorial Conference: Contributions in Stock-flow Modeling
    • The Hyman P. Minsky Summer Seminar
    • New Research Associate
    • New Senior Editor and Policy Fellow

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    Download:
    Author(s):
    W. Ray Towle

  • Summary Vol. 20, No. 2 | April 2011

    In this issue of the Summary, papers focus on international trade and the export baskets of China and India, the competitiveness of the eurozone, the roles of the Federal Reserve and Treasury, a reorientation of fiscal policy, a restructuring of the global financial system, the merits of capital controls, financial fragility, a theory of money, and US immigration.

    INSTITUTE RESEARCH

    Program: The State of the US and World Economies

    • SUNANDA SEN, International Trade Theory and Policy: A Review of the Literature
    • SUNANDA SEN, China in the Global Economy
    • JESUS FELIPE and UTSAV KUMAR, Unit Labor Costs in the Eurozone: The Competitiveness Debate Again

    Program: Monetary Policy and Financial Structure

    • SCOTT FULLWILER and L. RANDALL WRAY, It’s Time to Rein In the Fed
    • MARSHALL AUERBACK, What Happens if Germany Exits the Euro?
    • PAVLINA R. TCHERNEVA, Bernanke’s Paradox: Can He Reconcile His Position on theFederal Budget with His Recent Charge to Prevent Deflation?
    • ÉRIC TYMOIGNE, Financial Stability, Regulatory Buffers, and Economic Growth: Some Postrecession Regulatory Implications
    • MICHAEL HUDSON, US “Quantitative Easing” Is Fracturing the Global Economy
    • GREG HANNSGEN and DIMITRI B. PAPADIMITRIOU, The Central Bank “Printing Press”: Boon or Bane? Remedies for High Unemployment and Fears of Fiscal Crisis
    • SCOTT FULLWILER and L. RANDALL WRAY, Quantitative Easing and Proposals for Reform of Monetary Policy Operations
    • L. RANDALL WRAY, Money
    • PAVLINA R. TCHERNEVA, Fiscal Policy Effectiveness: Lessons from the Great Recession
    • PAVLINA R. TCHERNEVA, Fiscal Policy: Why Aggregate Demand Management Fails and What to Do about It

    Program: Immigration, Ethnicity, and Social Structure

    • JOEL PERLMANN, A Demographic Base for Ethnic Survival? Blending across Four Generations of German-Americans
    • JOEL PERLMANN, Views of European Races among the Research Staff of the US Immigration Commission and the Census Bureau, ca. 1910

    Program: Economic Policy for the 21st Century

    Explorations in Theory and Empirical Analysis

    • JESUS FELIPE, UTSAV KUMAR and ARNELYN ABDON, Exports, Capabilities, and Industrial Policy in India
    • TIMOTHY AZARCHS and TAMAR KHITARISHVILI, Disaggregating the Resource Curse: Is theCurse More Difficult to Dispel in Oil States than in Mineral States?
    • JESUS FELIPE and JOHN MCCOMBIE, Modeling Technological Progress and Investment in China: Some Caveats
    • JESUS FELIPE, UTSAV KUMAR and ARNELYN ABDON, How Rich Countries Became Richand Why Poor Countries Remain Poor: It’s the Economic Structure . . . Duh!

    INSTITUTE NEWS

    Upcoming Events:

    • 20th Annual Hyman P. Minsky Conference, April 13–15, 2011
    • The Wynne Godley Memorial Conference, May 25–26, 2011
    • The Hyman P. Minsky Summer Seminar, June 18–26, 2011

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    • Recent Levy Institute Publications
    Download:
    Author(s):
    W. Ray Towle

  • Summary Vol. 20, No. 1 | January 2011

    New policy briefs by Senior Scholars Jan Kregel and L. Randall Wray are featured in the Summary’s Winter issue. Kregel finds that export-led growth and free capital flows are the real causes of sustained international imbalances. The only way out of this predicament is to shift to domestic demand–led development strategies—and capital flows will have to be part of the solution. Wray examines Hyman Minsky’s later works, with a focus on Minsky’s general approach to banking and the proper role of the financial system. Minsky recognized the development of money manager capitalism as leading to a convergence of banking models—an insight that helps to explain the current economic crisis.

    INSTITUTE RESEARCH

    Program: The State of the US and World Economies

    • JAN KREGEL, An Alternative Perspective on Global Imbalances and International Reserve Currencies
    • JESUS FELIPE, UTSAV KUMAR, NORIO USUI, and ARNELYN ABDON, Why China Has Succeeded—and Why It Will Continue to Do So
    • JÖRG BIBOW, How to Sustain the Chinese Economic Miracle? The Risk of Unraveling the Global Rebalancing
    • JESUS FELIPE, Asia and the Global Crisis: Recovery Prospects and the Future
    • PAOLO CASADIO and ANTONIO PARADISO, The Household Sector Financial Balance, Financing Gap, Financial Markets, and Economic Cycles in the US Economy: A Structural VAR Analysis

    Program: Monetary Policy and Financial Structure

    • L. RANDALL WRAY, What Should Banks Do? A Minskyan Analysis
    • MICHAEL HUDSON, Why the IMF Meetings Failed, and the Coming Capital Controls
    • MARSHALL AUERBACK, A New “Teachable” Moment?
    • MARC LAVOIE, Changes in Central Bank Procedures during the Subprime Crisis and Their Repercussions on Monetary Theory
    • L. RANDALL WRAY, What Do Banks Do? What Should Banks Do?
    • ANDREA TERZI, The “Keynesian Moment” in Policymaking, the Perils Ahead, and a Flow-of-funds Interpretation of Fiscal Policy
    • DIRK BEZEMER and GEOFFREY GARDINER, Innocent Frauds Meet Goodhart’s Law in Monetary Policy
    • SUNANDA SEN, The Meltdown of the Global Economy: A Keynes-Minsky Episode?
    • JÖRG BIBOW, A Post Keynesian Perspective on the Rise of Central Bank Independence: A Dubious Success Story in Monetary Economics
    • SUNANDA SEN, Managing Finance in Emerging Economies: The Case of India
    • MICHAEL HUDSON, How Brazil Can Defend Against Financialization and Keep Its Economic Surplus for Itself

    Program: The Distribution of Income and Wealth

    • FRANCISCO AZPITARTE, Measuring Poverty Using Both Income and Wealth: An Empirical Comparison of Multidimensional Approaches Using Data for the US and Spain

    Levy Institute Measure of Economic Well-Being

    • THOMAS MASTERSON, Quality of Match for Statistical Matches Used in the 1999 and 2005 LIMEW Estimates for Canada
    • THOMAS MASTERSON, Quality of Match for Statistical Matches Used in the 1992 and 2007 LIMEW Estimates for the United States

    Program: Gender Equality and the Economy

    • SUNANDA SEN, Gendered Aspects of Globalization

    Program: Employment Policy and Labor Markets

    • JAMES B. REBITZER and LOWELL J. TAYLOR, Extrinsic Rewards and Intrinsic Motives: Standard and Behavioral Approaches to Agency and Labor Markets
    • TAMAR KHITARISHVILI, Assessing the Returns to Education in Georgia
    • RANIA ANTONOPOULOS, KIJONG KIM, THOMAS MASTERSON, and AJIT ZACHARIAS, Investing in Care: A Strategy for Effective and Equitable Job Creation
    • JESUS FELIPE and UTSAV KUMAR, A Reassessment of the Use of Unit Labor Costs as a Tool for Competitiveness and Policy Analyses in India

    Program: Immigration, Ethnicity, and Social Structure

    • JOEL PERLMANN and YUVAL ELMELECH, Immigrant Parents’ Attributes versus Discrimination: New Evidence in the Debate about the Creation of Second Generation Educational Outcomes in Israel

    Program: Economic Policy for the 21st Century

    Explorations in Theory and Empirical Analysis

    • JESUS FELIPE, UTSAV KUMAR, and ARNELYN ABDON, Using Capabilities to Project Growth, 2010–30
    • JESUS FELIPE, UTSAV KUMAR, and ARNELYN ABDON, As You Sow So Shall You Reap: From Capabilities to Opportunities
    • ARNELYN ABDON, MARIFE BACATE, JESUS FELIPE, and UTSAV KUMAR, Product Complexity and Economic Development
    • JESUS FELIPE and UTSAV KUMAR, Technical Change in India’s Organized Manufacturing Sector
    • MICHAEL HUDSON, The Transition from Industrial Capitalism to a Financialized Bubble Economy
    • JESUS FELIPE and UTSAV KUMAR, The Role of Trade Facilitation in Central Asia: A Gravity Model
    • JESUS FELIPE and UTSAV KUMAR, The Impact of Geography and Natural Resource Abundance on Growth in Central Asia
    • NEDELYN MAGTIBAY-RAMOS, GEMMA ESTRADA, and JESUS FELIPE, Exploring the Philippine Economic Landscape and Structural Change Using the Input-Output Framework

    INSTITUTE NEWS

    • New Research Associates
    • Upcoming Events:
    • 20th Annual Hyman P. Minsky Conference, April 13–15, 2011
    • The 2011 Hyman P. Minsky Summer Seminar, June 18–26, 2011
    • New Levy Institute Book:The Elgar Companion to Hyman Minsky

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    Download:
    Author(s):
    W. Ray Towle

  • Summary Vol. 19, No. 3 | September 2010

    The Fall Summary provides an overview of the annual Minsky Conference, which was held in April in New York City with support from the Ford Foundation. Titled “After the Crisis: Planning a New Financial Structure,” the conference focused on many Minskyan themes, including the reconstitution of the financial structure, the reregulation and supervision of financial institutions, the moral hazard of the “too big to fail” doctrine, and the economics of the “big bank” and “big government.” In addition, participants considered central bank exit strategies. A related policy note asserts that the late Wynne Godley’s financial balances approach should be the workhorse of discussions on global rebalancing.

    INSTITUTE RESEARCH

    Program: The State of the US and World Economies

    • 19th ANNUAL HYMAN P. MINSKY CONFERENCE
    • After the Crisis: Planning a New Financial Structure
    • JAMES K. GALBRAITH, The Great Crisis and the American Response
    • DIMITRI B. PAPADIMITRIOU, L. RANDALL WRAY, and YEVA NERSISYAN, Endgame for the Euro? Without Major Restructuring, the Eurozone Is Doomed
    • DIMITRI B. PAPADIMITRIOU and GREG HANNSGEN, Debts, Deficits, Economic Recovery, and the US Government
    • PAUL MCCULLEY, Global Central Bank Focus: Facts on the Ground
    • JÖRG BIBOW, Global Imbalances, the US Dollar, and How the Crisis at the Core of Global Finance Spread to “Self-Insuring” Emerging Market Economies
    • CLAUDIO H. DOS SANTOS and ANTONIO C. MACEDO E SILVA, Revisiting “New Cambridge”: The Three Financial Balances in a General Stock-flow Consistent Applied Modeling Strategy
    • G. E. KRIMPAS, The Recycling Problem in a Currency Union
    • JÖRG BIBOW, Bretton Woods 2 Is Dead, Long Live Bretton Woods 3?
    • YEVA NERSISYAN and L. RANDALL WRAY, Does Excessive Sovereign Debt Really Hurt Growth? A Critique of This Time Is Different, by Reinhart and Rogoff

    Program: Monetary Policy and Financial Structure

    • YEVA NERSISYAN and L. RANDALL WRAY, Deficit Hysteria Redux? Why We Should Stop Worrying about US Government Deficits
    • LUIZ CARLOS BRESSER-PEREIRA, The Global Financial Crisis and a New Capitalism?
    • AMIT BHADURI, A Contribution to the Theory of Financial Fragility and Crisis
    • BERNARD SHULL, Too Big to Fail in Financial Crisis: Motives, Countermeasures, and Prospects
    • JAN KREGEL, Fiscal Responsibility: What Exactly Does It Mean?
    • GARY A. DYMSKI, Three Futures for Postcrisis Banking in the Americas: The Financial Trilemma and the Wall Street Complex
    • ÉRIC TYMOIGNE, Detecting Ponzi Finance: An Evolutionary Approach to the Measure of Financial Fragility

    Program: Gender Equality and the Economy

    • LEKHA S. CHAKRABORTY, Determining Gender Equity in Fiscal Federalism: Analytical Issues and Empirical Evidence from India
    • FATMA GÜL ÜNAL, MIRJANA DOKMANOVIC, and RAFIS ABAZOV, The Economic and Financial Crises in CEE and CIS: Gender Perspectives and Policy Choices
    • RANIA ANTONOPOULOS and EMEL MEMIS, Time and Poverty from a Developing Country Perspective

    Program: Employment Policy and Labor Markets

    • CHARLES J. WHALEN, Economic Policy for the Real World

    Program: Immigration, Ethnicity, and Social Structure

    • SANJAYA DESILVA, ANH PHAM, and MICHAEL SMITH, Racial Preferences in a Small Urban Housing Market: A Spatial Econometric Analysis of Microneighborhoods in Kingston, New York

    Program: Economic Policy for the 21st Century

    Explorations in Theory and Empirical Analysis
    •  GREG HANNSGEN, Infinite-variance, Alpha-stable Shocks in Monetary SVAR

    INSTITUTE NEWS

    • The Hyman P. Minsky Summer Seminar and Conference, June 19–29, 2010
    • Upcoming Event: The 2011 Hyman P. Minsky Summer Seminar
    • New Research Associate

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    • Recent Levy Institute Publications
    Download:
    Author(s):
    W. Ray Towle

  • Summary Vol. 19, No. 2 | March 2010

    This issue leads off with an updated Strategic Analysis that confirms the necessity of strong policy action to achieve full employment in the medium term, including a persistently high government deficit in the short term. This implies a growing public debt, which is sustainable as long as interest rates are kept at the current low level. The alternative is an ongoing unemployment rate above 10 percent that would represent a higher cost to future generations.

    INSTITUTE RESEARCH

    Program: The State of the US and World Economies

    • Strategic Analysis
    • GENNARO ZEZZA, Getting Out of the Recession?

    Program: Monetary Policy and Financial Structure

    • JAN KREGEL, No Going Back: Why We Cannot Restore Glass-Steagall’s Segregation of Banking and Finance
    • JAN KREGEL, Observations on the Problem of “Too Big to Fail/Save/Resolve”
    • JÖRG BIBOW, The Euro and Its Guardian of Stability: The Fiction and Reality of the 10th Anniversary Blast
    • JÖRG BIBOW, The Global Crisis and the Future of the Dollar: Toward Bretton Woods III?
    • JAN KREGEL, Is Reregulation of the Financial System an Oxymoron?
    • JAN KREGEL, Is This the Minsky Moment for Reform of Financial Regulation?
    • YEVA NERSISYAN and L. RANDALL WRAY, The Global Financial Crisis and the Shift to Shadow Banking

    Program: The Distribution of Income and Wealth

    • YEVA NERSISYAN and L. RANDALL WRAY, The Trouble with Pensions: Toward an Alternative Public Policy to Support Retirement
    • MARSHALL AUERBACK and L. RANDALL WRAY, Toward True Health Care Reform: More Care, Less Insurance
    • EDWARD N. WOLFF, Recent Trends in Household Wealth in the United States: Rising Debt and the Middle-Class Squeeze—An Update to 2007

    Program: Employment Policy and Labor Markets

    • RANIA ANTONOPOULOS, KIJONG KIM, THOMAS MASTERSON and AJIT ZACHARIAS, Why President Obama Should Care about “Care”: An Effective and Equitable Investment Strategy for Job Creation
    • TSU-YU TSAO and ANDREW PEARLMAN, Decomposition of the Black-White Wage Differential in the Physician Market

    INSTITUTE NEWS

    Upcoming Events

    • The 19th Annual Hyman P. Minsky Conference, April 14–16, 2010
    • The Hyman P. Minsky Summer Seminar, June 19–29, 2010

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    • Recent Levy Institute Publications
    Download:
    Author(s):
    W. Ray Towle

  • Summary Vol. 19, No. 1 | December 2009

    In a new Strategic Analysis, the Institute’s Macro-Modeling Team determines that real GDP growth will remain well below the rate required to push unemployment back to a more acceptable level, but that a modest dollar devaluation could be very effective in promoting employment while addressing the threat posed by large imbalances. A related public policy brief, policy note, and working paper show that the success of New Deal programs strengthens the case for fiscal policies and a permanent employer-of-last-resort program as proposed by Hyman Minsky.

    INSTITUTE RESEARCH

    Program: The State of the US and World Economies

    • Strategic Analysis
      DIMITRI B. PAPADIMITRIOU, GREG HANNSGEN, and GENNARO ZEZZA, The Current Recession and Beyond: Medium-term Prospects for the US Economy
    • DIMITRI B. PAPADIMITRIOU and GREG HANNSGEN, The New New Deal Fracas: Did Roosevelt’s “Anticompetitive” Legislation Slow the Recovery from the Great Depression?
    • GREG HANNSGEN and DIMITRI B. PAPADIMITRIOU, Fiscal Stimulus, Job Creation, and the Economy: What Are the Lessons of the New Deal?
    • GREG HANNSGEN and DIMITRI B. PAPADIMITRIOU, Lessons from the New Deal: Did the New Deal Prolong or Worsen the Great Depression?

    Program: Monetary Policy and Financial Structure

    • JAN KREGEL, The Global Crisis and the Implications for Developing Countries and the BRICs: Is the B Really Justified?
    • JAMES K. GALBRAITH, Financial and Monetary Issues as the Crisis Unfolds
    • ÉRIC TYMOIGNE and L. RANDALL WRAY, It Isn’t Working: Time for More Radical Policies
    • STEPHANIE A. KELTON and L. RANDALL WRAY, Can Euroland Survive?
    • MARSHALL AUERBACK and L. RANDALL WRAY, Banks Running Wild: The Subversion of Insurance by “Life Settlements” and Credit Default Swaps
    • ÉRIC TYMOIGNE, Securitization, Deregulation, Economic Stability, and Financial Crisis
    • ÉRIC TYMOIGNE, A Critical Assessment of Seven Reports on Financial Reform: A Minskyan Perspective
    • PAOLO CASADIO and ANTONIO PARADISO, A Financial Sector Balance Approach and the Cyclical Dynamics of the US Economy
    • L. RANDALL WRAY, Money Manager Capitalism and the Global Financial Crisis
    • ALESSANDRO VERCELLI, A Perspective on Minsky Moments: The Core of the Financial Instability Hypothesis in Light of the Subprime Crisis
    • L. RANDALL WRAY, An Alternative View of Finance, Saving, Deficits, and Liquidity
    • ALESSANDRO VERCELLI, Minsky Moments, Russell Chickens, and Gray Swans: The Methodological Puzzles of the Financial Instability Analysis

    Program: The Distribution of Income and Wealth

    Levy Institute Measure of Economic Well-Being

    • THOMAS MASTERSON, AJIT ZACHARIAS, and EDWARD N. WOLFF, Has Progress Been Made in Alleviating Racial Economic Inequality?
    • HUGO BENÍTEZ-SILVA, SELCUK EREN, FRANK HEILAND, and SERGI JIMÉNEZ-MARTÍN, How Well Do Individuals Predict the Selling Prices of Their Homes?

    Program: Gender Equality and the Economy

    • BURCA KIZILIRMAK and EMEL MEMIS, The Unequal Burden of Poverty on Time Use
    • TAMAR KHITARISHVILI, Explaining the Gender Wage Gap in Georgia

    Program: Economic Policy for the 21st Century

    • FATMA GÜL ÜNAL, Market Failure and Land Concentration

    INSTITUTE NEWS

    Upcoming Events

    • The 19th Annual Hyman P. Minsky Conference, April 14–16, 2010
    • The Hyman P. Minsky Summer Seminar, June 19–29, 2010

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    Download:
    Author(s):
    W. Ray Towle

  • Summary Vol. 18, No. 3 | September 2009

    The Fall Summary leads off with an overview of the Institute’s annual Minsky conference, which this year focused on the extraordinary challenges posed by the global financial crisis. Also in this issue: a new Strategic Analysis outlines how increased deficits and their impact on private sector balance sheets will help stabilize the domestic economy.

    INSTITUTE RESEARCH

    Program: The State of the US and World Economies
    • 18TH ANNUAL HYMAN P. MINSKY CONFERENCE
      Meeting the Challenges of Financial Crisis
    • Strategic Analysis
      DIMITRI B. PAPADIMITRIOU and GREG HANNSGEN, Recent Rise in Federal Government and Federal Reserve Liabilities: Antidote to a Speculative Hangover
    • MARSHALL AUERBACK, The Return of the State: The New Investment Paradigm
    • CLAUDIO H. DOS SANTOS and ANTONIO CARLOS MACEDO E SILVA, Revisiting (and Connecting) Marglin-Bhaduri and Minsky: An SFC Look at Financialization and Profit-led Growth
    • GENNARO ZEZZA, Fiscal Policy and the Economics of Financial Balances

    Program: Monetary Policy and Financial Structure

    • JAMES K. GALBRAITH, A “People First” Strategy: Credit Cannot Flow When There Are No Creditworthy Borrowers or Profitable Projects
    • JAN KREGEL, It’s That “Vision” Thing: Why the Bailouts Aren’t Working, and Why a New Financial System Is Needed
    • PHILIP ARESTIS and ELIAS KARAKITSOS, What Role for Central Banks in View of the Current Crisis?
    • ELIAS KARAKITSOS, An Assessment of the Credit Crisis Solutions
    • JAN TOPOROWSKI, “Enforced Indebtedness” and Capital Adequacy Requirements
    • JAN KREGEL, Some Simple Observations on the Reform of the International Monetary System
    • JAN KREGEL, Background Considerations to a Regulation of the US Financial System: Third Time a Charm? Or Strike Three?
    • JAN KREGEL, Managing the Impact of Volatility in International Capital Markets in an Uncertain World

    Program: The Distribution of Income and Wealth

    • Special Report
      AJIT ZACHARIAS, THOMAS MASTERSON, and KIJONG KIM, Who Gains from President Obama’s Stimulus Package … And How Much?
    • AJIT ZACHARIAS, THOMAS MASTERSON, and KIJONG KIM, Distributional Impact of the American Recovery and Reinvestment Act: A Microsimulation Approach

    Levy Institute Measure of Economic Well-Being

    • AJIT ZACHARIAS, EDWARD N. WOLFF, and THOMAS MASTERSON, New Estimates of Economic Inequality in America, 1959–2004
    • AJIT ZACHARIAS, and VAMSI VAKULABHARANAM, Caste and Wealth Inequality in India

    Program: Gender Equality and the Economy

    • RANIA ANTONOPOULOS, Promoting Gender Equality through Stimulus Packages and Public Job Creation: Lessons Learned from South Africa’s Expanded Public Works Programme
    • RANIA ANTONOPOULOS, The Current Economic and Financial Crisis: A Gender Perspective
    • RANIA ANTONOPOULOS and TAUN TOAY, From Unpaid to Paid Care Work: The Macroeconomic Implications of HIV and AIDS on Women’s Time-tax Burdens

    Program: Employment Policy and Labor Markets

    • Conference: Employment Guarantee Policies: Responding to the Current Economic Crisis and Contributing to Long-Term Development
    • MARTIN SHUBIK, A Crisis in Coordination and Competence
    • MARTIN SHUBIK, A Proposal for a Federal Employment Reserve Authority
    • SERGIO DESTAFANIS and GIUSEPPE MASTROMATTEO, Labor-market Performance in the OECD: An Assessment of Recent Evidence
    • L. RANDALL WRAY, The Social and Economic Importance of Full Employment

    Program: Immigration, Ethnicity, and Social Structure

    • SANJAYA DESILVA and YUVAL ELMELECH, Housing Inequality in the United States: A Decomposition Analysis of Racial and Ethnic Disparities in Homeownership

    Program: Economic Policy for the 21st Century

    • MARTIN SHUBIK, The “Unintended Consequences” Game
    • GIUSEPPE FONTANA, Whither New Consensus Macroeconomics? The Role of Government and Fiscal Policy in Modern Macroeconomics
    • PHILIP ARESTIS, New Consensus Macroeconomics: A Critical Appraisal

    INSTITUTE NEWS

    • Conference: Gender and the Global Economic Crisis
    • New Program Director
    • New Research Associates

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    • Recent Levy Institute Publications
    Download:
    Author(s):
    W. Ray Towle

  • Summary Vol. 18, No. 2 | April 2009

    This issue of the Summary begins with a Strategic Analysis by the Levy Institute’s Macro-Modeling Team, along with a review of the latest Federal Reserve flow-of-funds data. The authors foresee a steep rise in the private sector balance and an abrupt fall in GDP in the United States, with employment rising to 10 percent in 2010; moreover, they say, the unprecedented drop in interest rates may not be effective in reactivating standard lending practices. What’s needed in order to achieve balanced growth and full employment? A drastic change in the institutions responsible for running the world economy—one that would involve placing far less than total reliance on market forces.

    INSTITUTE RESEARCH

    Program: The State of the US and World Economies

    Strategic Analysis

    • WYNNE GODLEY, DIMITRI B. PAPADIMITRIOU, and GENNARO ZEZZA, Prospects for the United States and the World: A Crisis That Conventional Remedies Cannot Resolve
    • GENNARO ZEZZA, Flow of Funds Figures Show the Largest Drop in Household Borrowing in the Last 40 Years

    Program: The Distribution of Income and Wealth

    Levy Institute Measure of Economic Well-Being

    • EDWARD N. WOLFF, AJIT ZACHARIAS, and THOMAS MASTERSON, Postwar Trends in Economic Well-Being in the United States, 1959–2004
    • THOMAS MASTERSON, EDWARD N. WOLFF, and AJIT ZACHARIAS, What Are the Long-Term Trends in Intergroup Economic Disparities?
    • EDWARD N. WOLFF, AJIT ZACHARIAS, and THOMAS MASTERSON, Long-Term Trends in the Levy Institute Measure of Economic Well-Being (LIMEW), United States, 1959–2004

    Program: Monetary Policy and Financial Structure

    • THOMAS I. PALLEY, After the Bust: The Outlook for Macroeconomics and Macroeconomic Policy
    • JAMES K. GALBRAITH, L. RANDALL WRAY, and WARREN MOSLER, The Case Against Intergenerational Accounting: The Accounting Campaign Against Social Security and Medicare
    • L. RANDALL WRAY, The Return of Big Government: Policy Advice for President Obama
    • JÖRG BIBOW, Insuring Against Private Capital Flows: Is It Worth the Premium? What Are the Alternatives?
    • JULIA S. PERELSTEIN, Macroeconomic Imbalances in the United States and Their Impact on the International Financial System
    • EWA KARWOWSKI, Financial Stability: The Significance and Distinctiveness of Islamic Banking in Malaysia

    Program: Employment Policy and Labor Markets

    • PAVLINA R. TCHERNEVA, Obama’s Job Creation Promise: A Modest Proposal to Guarantee That He Meets and Exceeds Expectations
    • KIJONG KIM, Hypothetical Integration in a Social Accounting Matrix and Fixed-price Multiplier Analysis

    Program: Economic Policy for the 21st Century

    • FATMA GÜL ÜNAL, Small is Beautiful: Evidence of an Inverse Relationship between Farm Size and Yield in Turkey

    INSTITUTE NEWS

    • Upcoming Event: 18th Annual Hyman P. Minsky Conference, April 16–17

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    Download:
    Author(s):
    W. Ray Towle

  • Summary Vol. 18, No. 1 | December 2008

    Recent attempts by the Treasury and the Federal Reserve to counter the worst financial and economic crisis since the Great Depression have brought into question the role of the government and the effectiveness of its rescue package. Levy Institute scholars foresee an extended period of stagnation and possibly deflation if the government does not take a more active part in terms of fiscal policy, direct homeowner relief, and regulatory system reform.

    INSTITUTE RESEARCH

    Program: Monetary Policy and Financial Structure

    • L. RANDALL WRAY, What’s a Central Bank to Do? Policy Response to the Current Crisis
    • JAN KREGEL, A Simple Proposal to Resolve the Disruption of Counterparty Risk in Short-Term Credit Markets
    • JAN KREGEL, Will the Paulson Bailout Produce the Basis for Another Minsky Moment?
    • DIMITRI B. PAPADIMITRIOU and L. RANDALL WRAY, Time to Bail Out: Alternatives to the Bush-Paulson Plan
    • PEDRO NICOLACI DA COSTA, Shaky Foundations: Policy Lessons from America’s Historic Housing Crash
    • L. RANDALL WRAY, The Commodities Market Bubble: Money Manager Capitalism and the Financialization of Commodities
    • L. RANDALL WRAY and ÉRIC TYMOIGNE, Macroeconomics Meets Hyman P. Minsky: The Financial Theory of Investment
    • PHILIP ARESTIS, LUIZ FERNANDO DE PAULA, and FERNANDO FERRARI-FILHO, Inflation Targeting in Brazil
    • ÉRIC TYMOIGNE, Minsky and Economic Policy: “Keynesianism” All Over Again?
    • LUISA FERNANDEZ, FADHEL KABOUB, and ZDRAVKA TODOROVA, On Democratizing Financial Turmoil: A Minskyan Analysis of the Subprime Crisis
    • JAN TOPOROWSKI, Excess Capital and Liquidity Management

    Program: Gender Equality and the Economy

    • ZAHRA KARIMI, The Effects of International Trade on Gender Inequality: Women Carpet Weavers of Iran
    • RANIA ANTONOPOULOS, The Unpaid Care Work–Paid Work Connection
    • THOMAS MASTERSON, An Empirical Analysis of Gender Bias in Education Spending in Paraguay

    Program: Employment Policy and Labor Markets

    • PAVLINA R. TCHERNEVA, Keynes’s Approach to Full Employment: Aggregate or Targeted Demand?
    • DIMITRI B. PAPADIMITRIOU, Promoting Equality Through an Employment of Last Resort Policy

    Program: Economic Policy for the 21st Century

    Explorations in Theory and Empirical Analysis

    • GREG HANNSGEN, Do the Innovations in a Monetary VAR Have Finite Variances?

    INSTITUTE NEWS

    • New Research Scholar
    • New Research Associates
    • Conference: The Financial Crisis, the US Economy, and International Security in the New Administration
    • Research Grants
    • Upcoming Event: The 18th Annual Hyman P. Minsky Conference

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    • Recent Levy Institute Publications
    Download:
    Author(s):
    W. Ray Towle

  • Summary Vol. 17, No. 3 | August 2008

    This latest issue of the Summary includes an overview of the Institute's annual Minsky conference, which focused on the current economic crisis in the United States, its effects on the world economy, and possible solutions. Also featured is a new Strategic Analysis that challenges the notion that a stimulus package larger than the one approved by Congress last winter is unnecessary and potentially inflationary.

     

    Contents:

     

    INSTITUTE RESEARCH

    Program: The State of the US and World Economies

    • THE 17TH ANNUAL HYMAN P. MINSKY CONFERENCE: Credit, Markets, and the Real Economy: Is the Financial System Working?
    • Strategic Analysis
      DIMITRI B. PAPADIMITRIOU, GREG HANNSGEN, and GENNARO ZEZZA, Fiscal Stimulus: Is More Needed?
    • DIMITRI B. PAPADIMITRIOU, GREG HANNSGEN, and GENNARO ZEZZA, The Buffett Plan for Reducing the Trade Deficit
    • ANTONIO CARLOS MACEDO E SILVA and CLAUDIO H. DOS SANTOS, The Keynesian Roots of Stock-flow Consistent Macroeconomic Models: Peering Over the Edge of the Short Period

    Program: Monetary Policy and Financial Structure

    • JAMES K. GALBRAITH, The Collapse of Monetarism and the Irrelevance of the New Monetary Consensus
    • HYMAN P. MINSKY, Securitization (Preface and Afterword by L. Randall Wray)
    • L. RANDALL WRAY, Financial Markets Meltdown: What Can We Learn from Minsky?
    • JAN KREGEL, Changes in the US Financial System and the Subprime Crisis
    • J�RG BIBOW, The International Monetary (Non-)Order and the "Global Capital Flows Paradox"
    • MICHAEL MAH-HUI LIM, Old Wine in a New Bottle: Subprime Mortgage Crisis—Causes and Consequences
    • JAN KREGEL, The Discrete Charm of the Washington Consensus

    Program: The Distribution of Income and Wealth

    • Levy Institute Measure of Economic Well-Being
      HYUNSUB KUM and THOMAS MASTERSON, Statistical Matching Using Propensity Scores: Theory and Application to the Levy Institute Measure of Economic Well-Being

    Program: Gender Equality and the Economy

    • LEKHA S. CHAKRABORTY, Deficient Public Infrastructure and Private Costs: Evidence from a Time-use Survey for the Water Sector in India

    Program: Employment Policy and Labor Markets

    • DANIEL KOSTZER, Argentina: A Case Study on the Plan Jefes y Jefas de Hogar Desocupados, or the Employment Road to Economic Recovery
    • PAVLINA R. TCHERNEVA, The Return of Fiscal Policy: Can the New Developments in the New Economic Consensus Be Reconciled with the Post Keynesian View?

    Program: Economic Policy for the 21st Century

    • Explorations in Theory and Empirical Analysis
      GREG HANNSGEN, Can Robbery and Other Theft Help to Explain the Textbook Currency-demand Puzzle? Two Dreadful Models of Money Demand with an Endogenous Probability of Crime

    INSTITUTE NEWS

    • Special Lecture: Joseph E. Stiglitz on the Costs of the Iraq War

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    • Recent Levy Institute Publications
    Download:
    Author(s):
    W. Ray Towle

  • Summary Vol. 17, No. 2 | April 2008

    This issue highlights a series of working papers under the Monetary Policy and Financial Structure program that analyze the current instability within the financial industry in the United States. In each case, the author calls for policy and political reform in order to prevent "it" (the Great Depression) from happening again.

    Contents:

    INSTITUTE RESEARCH

    Program: Monetary Policy and Financial Structure

    • L. RANDALL WRAY, Lessons from the Subprime Meltdown
    • JAN KREGEL, The Natural Instability of Financial Markets
    • THOMAS I. PALLEY, Financialization: What It Is and Why It Matters
    • JAN KREGEL, Financial Flows and International Imbalances—The Role of Catching Up by Late-industrializing Developing Countries
    • JAN KREGEL, Minsky's Cushions of Safety: Systemic Risk and the Crisis in the US Subprime Mortgage Market

    Program: The Distribution of Income and Wealth

    • JOSEPH DEUTSCH and JACQUES SILBER, Earnings Functions and the Measurement of the Determinants of Wage Dispersion: Extending Oaxaca's Approach

    Program: Gender Equality and the Economy

    • PAVLINA R. TCHERNEVA and L. RANDALL WRAY, Public Employment and Women: The Impact of Argentina's Jefes Program on Female Heads of Poor Households

    Program: Employment Policy and Labor Markets

    • JAN KREGEL, Nurkse and the Role of Finance in Development Economics
    • HIND JALAL, Promotion Nationale: Forty-Five Years of Experience of PublicWorks in Morocco
    • ZAHRA KARIMI, Financing Job Guarantee Schemes by Oil Revenue: The Case of Iran

    Program: Immigration, Ethnicity, and Social Structure

    • JOEL PERLMANN, American Jewish Opinion about the Future of the West Bank: A Reanalysis of American Jewish Committee Surveys

    INSTITUTE NEWS

    • Upcoming Event: 17th Annual Hyman P. Minsky Conference, April 17–18

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    • Recent Levy Institute Publications
    Download:
    Author(s):
    W. Ray Towle

  • Summary Vol. 17, No. 1 | December 2007

    In their latest Strategic Analysis, Distinguished Scholar Wynne Godley, Research Scholars Greg Hannsgen and Gennaro Zezza, and President Dimitri B. Papadimitriou forecast a significant drop in borrowing and private expenditure in the coming quarters, with severe consequences for growth and unemployment—unless the dollar continues to fall and fiscal policy shifts its course.

     

    Contents:

     

    INSTITUTE RESEARCH

    Program: The State of the US and World Economies

    • Strategic Analysis
      WYNNE GODLEY, DIMITRI B. PAPADIMITRIOU, GREG HANNSGEN, and GENNARO ZEZZA, The US Economy: Is There a Way Out of the Woods?

    Program: Monetary Policy and Financial Structure

    • L. RANDALL WRAY, A Post-Keynesian View of Central Bank Independence, Policy Targets, and the Rules-versus-Discretion Debate
    • JAMES K. GALBRAITH, OLIVIER GIOVANNONI, and ANN J. RUSSO, The Fed’s Real Reaction Function: Monetary Policy, Inflation, Unemployment, Inequality—and Presidential Politics
    • L. RANDALL WRAY, Endogenous Money: Structuralist and Horizontalist
    • CHARLES J. WHALEN, The US Credit Crunch of 2007: A Minsky Moment

    Program: The Distribution of Income and Wealth

    • JACQUES SILBER and AMEDEO SPADARO, Inequality of Life Chances and the Measurement of Social Immobility

    • Levy Institute Measure of Economic Well-Being
    • WORKSHOP: International Comparisons of Economic Well-Being

    Program: Gender Equality and the Economy

    • RANIA ANTONOPOULOS, The Right to a Job, the Right Types of Projects: Employment Guarantee Policies from a Gender Perspective

    Program: Employment Policy and Labor Markets

    • JOSEPH DEUTSCH, YVES FLÜCKIGER, and JACQUES SILBER, On Various Ways of Measuring Unemployment, with Applications to Switzerland
    • L. RANDALL WRAY, Minsky’s Approach to Employment Policy and Poverty: Employer of Last Resort and the War on Poverty
    • PAVLINA R. TCHERNEVA, What Are the Relative Macroeconomic Merits and Environmental Impacts of Direct Job Creation and Basic Income Guarantees?

    Program: Immigration, Ethnicity, and Social Structure

    • JOEL PERLMANN, Who’s a Jew in an Era of High Intermarriage? Surveys, Operational Definitions, and the Contemporary American Context
    • JOEL PERLMANN, The American Jewish Committee’s Annual Opinion Surveys: An Assessment of Sample Quality

    Program: Economic Policy for the 21st Century

    • THOMAS I. PALLEY, Globalization and the Changing Trade Debate: Suggestions for a New Agenda
    • LEKHA S. CHAKRABORTY, Fiscal Deficit, Capital Formation, and Crowding Out in India: Evidence from an Asymmetric VAR Model

    • Explorations in Theory and Empirical Analysis
    • L. RANDALL WRAY, The Continuing Legacy of John Maynard Keynes

    INSTITUTE NEWS

    • New Research Scholar
    • New Levy Institute Book

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    Download:
    Author(s):
    W. Ray Towle

  • Summary Vol. 16, No. 3 | September 2007

    The Fall issue leads off with the 16th Annual Hyman P. Minsky Conference, in which top policymakers, economists, and analysts explored the impact of global imbalances and whether or not the United States economy was headed for a hard or a soft landing.

     

    Contents:

     

    INSTITUTE RESEARCH

    Program: The State of the US and World Economies
    • THE 16TH ANNUAL HYMAN P. MINSKY CONFERENCE
      Global Imbalances: Prospects for the US and World Economies
    • WYNNE GODLEY and MARC LAVOIE, Fiscal Policy in a Stock-flow Consistent (SFC) Model
    • DIMITRI B. PAPADIMITRIOU, GREG HANNSGEN, and GENNARO ZEZZA, The Effects of a Declining Housing Market on the US Economy

      Strategic Analysis
    • WYNNE GODLEY, DIMITRI B. PAPADIMITRIOU, and GENNARO ZEZZA, The US Economy: What’s Next?

    Program: The Distribution of Income and Wealth

    • DIMITRI B. PAPADIMITRIOU, Economic Perspectives on Aging
    • EDWARD N. WOLFF, Recent Trends in Household Wealth in the United States: Rising Debt and the Middle-Class Squeeze

      Levy Institute Measure of Economic Well-Being
    • EDWARD N. WOLFF, AJIT ZACHARIAS, and HYUNSUB KUM, How Well Off Are America’s Elderly? A New Perspective

    Program: Gender Equality and the Economy

    • WORKSHOP: From Unpaid Work to Employment Guarantee Policy: A Social Accounting Matrix Exercise
    • RANIA ANTONOPOULOS and FRANCISCO COS-MONTIEL, State, Difference, and Diversity: Toward a Path of Expanded Democracy and Gender Equality
    • MARCELO MEDEIROS, RAFAEL GUERREIRO OS�RIO, and JOANA COSTA, Gender Inequalities in Allocating Time to Paid and Unpaid Work: Evidence from Bolivia
    • MELISSA MAHONEY and AJIT ZACHARIAS, Gender Disparities in Employment and Aggregate Profitability in the United States
    • THOMAS MASTERSON, Female Land Rights, Crop Specialization, and Productivity in Paraguayan Agriculture
    • FADHEL KABOUB, Employment Guarantee Programs: A Survey of Theories and Policy Experiences
    • FADHEL KABOUB, ELR-led Economic Development: A Plan for Tunisia
    • PINAKI CHAKRABORTY, Implementation of the National Rural Employment Guarantee Act in India: Spatial Dimensions and Fiscal Implications

    Program: Immigration, Ethnicity, and Social Structure

    • JOEL PERLMANN, Surveying American Jews and Their Views on Middle East Politics: The Current Situation and a Proposal for a New Approach
    • JOEL PERLMANN, Two National Surveys of American Jews, 2000–01: A Comparison of the NJPS and AJIS Program: Economic Policy for the 21st Century

    Explorations in Theory and Empirical Analysis

    • GREG HANNSGEN, Are the Costs of the Business Cycle “Trivially Small”? Lucas’s Calculus of Hardship and Chooser-dependent, Non–Expected Utility Preferences
    • CLAUDIO H. DOS SANTOS and GENNARO ZEZZA, A Simplified “Benchmark” Stock-flow Consistent (SFC) Post-Keynesian Growth Model

    INSTITUTE NEWS

    • New Board Member
    • New Research Associates
    • Event: Economists for Peace and Security Conference

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    • Recent Levy Institute Publications
    Download:
    Author(s):
    W. Ray Towle

  • Summary Vol. 16, No. 2 | May 2007

    In this issue: a new Policy Note recommends reforming the Alternative Minimum Tax while retaining some tax cuts in order to reduce the growing tax burden on middle-class families. A related paper criticizes orthodox policymaking that calls for fiscally austere budgets when the real engine of economic growth is government spending.

    Contents:

     

    INSTITUTE RESEARCH

    Program: The State of the US and World Economies

    • DIMITRI B. PAPADIMITRIOU and L. RANDALL WRAY, The April AMT Shock: Tax Reform Advice for the New Majority
    • JÖRG BIBOW, Global Imbalances, Bretton Woods II, and Euroland’s Role in All This
    • L. RANDALL WRAY, Demand Constraints and Big Government

    Program: Monetary Policy and Financial Structure

    • THOMAS I. PALLEY, The Economics of Outsourcing: How Should Policy Respond?
    • ALFONSO PALACIO-VERA, On Lower-bound Traps: A Framework for the Analysis of Monetary Policy in the “Age” of Central Banks
    • ÉRIC TYMOIGNE, An Inquiry into the Nature of Money: An Alternative to the Functional Approach
    • ÉRIC TYMOIGNE, Fisher’s Theory of Interest Rates and the Notion of “Real”: A Critique
    • GIOVANNI COZZI and JAN TOPOROWSKI, The Balance Sheet Approach to Financial Crises in Emerging Markets
    • CLAUDIO SARDONI and L. RANDALL WRAY, Fixed and Flexible Exchange Rates and Currency Sovereignty

    Program: The Distribution of Income and Wealth

    • AXEL BÖRSCH-SUPAN, European Welfare States and Their Generosity toward the Elderly
    • LI GAN, GUAN GONG, and MICHAEL HURD, Net Intergenerational Transfers from and Increase in Social Security Benefits
    • EDWARD N. WOLFF and AJIT ZACHARIAS, Class Structure and Economic Inequality

    • Levy Institute Measure of Economic Well-Being
    • EDWARD N. WOLFF and AJIT ZACHARIAS, Wealth and Economic Inequality: Who’s at the Top of the Economic Ladder?

    Program: Employment Policy and Labor Markets

    • JAMES B. REBITZER and LOWELL J. TAYLOR, When Knowledge Is an Asset: Explaining the Organizational Structure of Large Law Firms

    Program: Economic Policy for the 21st Century

    • THEODORE PELAGIDIS and TAUN N. TOAY, Expensive Living: The Greek Experience under the Euro
    • THOMAS MASTERSON, Productivity, Technical Efficiency, and Farm Size in Paraguayan Agriculture
    • THOMAS MASTERSON, Land Rental and Sales Markets in Paraguay

    • Explorations in Theory and Empirical Analysis
    • JAN TOPOROWSKI, Methodology and Microeconomics in the Early Work of Hyman P.Minsky

    INSTITUTE NEWS

    • New Senior Scholars
    • New Research Scholar
    • New Editor
    • Upcoming Event: 16th Annual Hyman P. Minsky Conference, April 19–20

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    • Recent Levy Institute Publications
    Download:
    Author(s):
    W. Ray Towle

  • Summary Vol. 16, No. 1 | December 2006

    The Winter Summary provides an overview of the Institute's October conference on employment guarantee policies, which focused on government policy initiatives that can create a safety net through public service employment for individuals who are ready, willing, and able to work. Also in this issue: a new Strategic Analysis and Public Policy Brief address the consequences of the current imbalances in the American economy.

     

    Contents:

     

    INSTITUTE RESEARCH

    Program: The State of the US and World Economies, and Strategic Analysis

    • DIMITRI B. PAPADIMITRIOU, GENNARO ZEZZA, and GREG HANNSGEN, Can Global Imbalances Continue? Policies for the US Economy
    • ROBERT W. PARENTEAU, US Household Deficit Spending: A Rendezvous with Reality Program: Monetary Policy and Financial Structure
    • L. RANDALL WRAY, Banking, Finance, and Money: A Socioeconomics Approach
    • JÖRG BIBOW, How the Maastricht Regime Fosters Divergence as Well as Fragility
    • THOMAS I. PALLEY, Rethinking Trade and Trade Policy: Gomory, Baumol, and Samuelson on Comparative Advantage
    • GIUSEPPE FONTANA, The “New Consensus” View of Monetary Policy: A New Wicksellian Connection?

    Program: Distribution of Income and Wealth, and the LIMEW

    • APRIL 2006 CONFERENCE, Government Spending on the Elderly, Working Papers

    Program: Gender Equality and the Economy

    • CAREN A. GROWN, Quick Impact Initiatives for Gender Equality: A Menu of Options
    • CAREN A. GROWN, CHANDRIKA BAHADUR, JESSIE HANDBURY, and DIANE ELSON, The Financial Requirements of Achieving Gender Equality and Women’s Empowerment

    Program: Employment Policy and Labor Markets

    • CONFERENCE, Employment Guarantee Policies: Theory and Practice
    • JAMES K. GALBRAITH, Maastricht 2042 and the Fate of Europe: Toward Convergence and Full Employment
    • ALFONSO PALACIO-VERA, ANA ROSA MARTÍNEZ-CAÑETE, ELENA MÁRQUEZ DE LA CRUZ, and INÉS PÉREZ-SOBA AGUILAR, Capital Stock and Unemployment: Searching for the Missing Link

    Explorations in Theory and Empirical Analysis

    • KORKUT A. ERTÜRK, On the Minskyan Business Cycle

    INSTITUTE NEWS

    • New Research Associates
    • New Levy Institute Book
    • Levy Institute Awarded Grant from UNDP

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    • Recent Levy Institute Publications
    Download:
    Author(s):
    W. Ray Towle

  • Summary Vol. 15, No. 3 | September 2006

    In a new Strategic Analysis summarized in this issue, President Dimitri B. Papadimitriou and Research Scholars Edward Chilcote and Gennaro Zezza observe that the economy continues to grow on an unbalanced path, and that there is an increase in the default risk for the private and financial sectors.

     

    Contents:

     

    INSTITUTE RESEARCH

    Program: The State of the US and World Economies, and Strategic Analysis

    • DIMITRI B. PAPADIMITRIOU, EDWARD CHILCOTE, and GENNARO ZEZZA, Can the Growth in the US Current Account Deficit Be Sustained? The Growing Burden of Servicing Foreign-Owned US Debt
    • WYNNE GODLEY and GENNARO ZEZZA, Debt and Lending: A Cri de Coeur

    Program: Distribution of Income and Wealth, and the LIMEW

    • CONFERENCE: Government Spending on the Elderly
    • EDWARD N. WOLFF and AJIT ZACHARIAS, Household Wealth and the Measurement of Economic Well-Being in the United States
    • JAMES MAHMUD RICE, ROBERT E. GOODIN, and ANTTI PARPO, The Temporal Welfare State: A Cross-national Comparison
    • J. BONKE, M. DEDING, and M. LAUSTEN, Time and Money: Substitutes in Real Terms and Complements in Satisfactions
    • HARLEY FRAZIS and JAY STEWART, How Does Household Production Affect Earnings Inequality? Evidence from the American Time Use Survey

    Program: Gender Equality and the Economy

    • SYMPOSIUM: Gender Equality, Tax Policies, and Tax Reform in Comparative Perspective
    • STEPHANIE SEGUINO and CAREN A. GROWN, Feminist-Kaleckian Macroeconomic Policy for Developing Countries

    Program: Economic Policy for the 21st Century

    Financial Markets and Monetary Policy

    • L. RANDALL WRAY, Can Basel II Enhance Financial Stability? A Pessimistic View
    • THOMAS I. PALLEY, The Fallacy of the Revised Bretton Woods Hypothesis: Why Today's International Financial System Is Unsustainable
    • ERIC TYMOIGNE, Asset Prices, Financial Fragility, and Central Banking
    • CLAUDIO SARDONI, Why Central Banks (and Money) "Rule the Roost"

    Federal Budget Policy

    • L. RANDALL WRAY, Extending Minsky's Classifications of Fragility to Government and the Open Economy
    • L. RANDALL WRAY, Twin Deficits and Sustainability
    • L. RANDALL WRAY, The Burden of Aging: Much Ado About Nothing, or Little to Do About Something?

    Explorations in Theory and Empirical Analysis

    • THOMAS R. MICHL, Tinbergen Rules the Taylor Rule
    • GREG HANNSGEN, A Random Walk Down Maple Lane? A Critique of Neoclassical Consumption Theory with Reference to Housing Wealth
    • GREG HANNSGEN, Gibson's Paradox II
    • ERIC TYMOIGNE, The Minskyan System, Part I: Properties of the Minskyan Analysis and How to Theorize and Model a Monetary Production Economy
    • ERIC TYMOIGNE, The Minskyan System, Part II: Dynamics of the Minskyan Analysis and the Financial Fragility Hypothesis
    • ERIC TYMOIGNE, The Minskyan System, Part III: System Dynamics Modeling of a Stock Flow-Consistent Minskyan Model

    INSTITUTE NEWS

    • New Research Associates
    • New Levy Institute Book
    • Upcoming Event: Upcoming Event, Conference, Employment Guarantee Policies: Theory and Practice, October 13-14

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    • Recent Levy Institute Publications
    Download:
    Author(s):
    W. Ray Towle

  • Summary Vol. 15, No. 2 | May 2006

    The latest Strategic Analysis by the Institute's Macro-Modeling Team suggests that much of the recent growth in GDP can be attributed to house price appreciation and private sector borrowing. However, rising house prices have not improved the equity position of households.

     

    INSTITUTE RESEARCH

    Program: The State of the US and World Economies, and Strategic Analysis

    • DIMITRI B. PAPADIMITRIOU, EDWARD CHILCOTE, and GENNARO ZEZZA, Are Housing Prices, Household Debt, and Growth Sustainable?
    • WYNNE GODLEY and MARC LAVOIE, Prolegomena to Realistic Monetary Macroeconomics: A Theory of Intelligible Sequences

    Program: Distribution of Income and Wealth, and the LIMEW

    • STEPHANIE SEGUINO, All Types of Inequality Are Not Created Equal: Divergent Impacts of Inequality on Economic Growth
    • DANIEL S. HAMERMESH, Time to Eat: Household Production under Increasing Income Inequality
    • INDIRA HIRWAY, Enhancing Livelihood Security through the National Employment Guarantee Act: Toward Effective Implementation of the Act
    • LYN CRAIG,Where Do They Find the Time? An Analysis of How Parents Shift and Squeeze Their Time around Work and Child Care
    • CHARLENE M. KALENKOSKI, DAVID C. RIBAR, and LESLIE S. STRATTON, Parental Child Care in Single Parent, Cohabiting, and Married Couple Families: Time Diary Evidence from the United States and the United Kingdom
    • DIMITRI B. PAPADIMITRIOU, Government Effects on the Distribution of Income: An Overview

    Program: Gender Equality and the Economy

    • EBRU KONGAR, Importing Equality or Exporting Jobs? Competition and Gender Wage and Employment Differentials in USManufacturing

    Program: Economic Policy for the 21st Century

    • Financial Markets and Monetary Policy
    • GIUSEPPE FONTANA and ALFONSO PALACIO-VERA, Are Long-run Price Stability and Short-run Output Stabilization All That Monetary Policy Can Aim For?
    • C. SARDONI and L. RANDALL WRAY, Monetary Policy Strategies of the European Central Bank and the Federal Reserve Bank of the United States
    • EDWARD CHILCOTE, Credit Derivatives and Financial Fragility
      Federal Budget Policy
    • JAMES K. GALBRAITH, The Fiscal Facts: Public and Private Debts and the Future of the American Economy
      The Labor Market
    • BRUCE FALLICK, CHARLES A. FLEISCHMAN, and JAMES B. REBITZER, Job-Hopping in Silicon Valley: Some Evidence Concerning the Micro-Foundations of a High Technology Cluster
      Explorations in Theory and Empirical Analysis
    • KORKUT A. ERT�RK, Speculation, Liquidity Preference, and Monetary Circulation
    • L. RANDALL WRAY, Keynes’s Approach to Money: An Assessment after 70 Years
    • KAYE K. W. LEE, Personality and Earnings

    INSTITUTE NEWS

    Upcoming Events

    • Conference: Government Spending on the Elderly, April 28–29
    • Symposium: Gender Equality, Tax Policies, and Tax Reform in Comparative Perspective, May 17–18
    • Russell Sage Foundation Grant

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    • Recent Levy Institute Publications
    Download:
    Author(s):
    W. Ray Towle

  • Summary Vol. 15, No. 1 | January 2006

    In most developing countries, efforts to reduce poverty and reach the Millennium Development Goals provide a timely opportunity to draw attention to the contribution of unpaid work to economic and social development. Summarized in this issue, an October 2005 conference organized by the Levy Institute in partnership with the United Nations Development Programme focused on women's unpaid work in the context of achieving the MDGs, and the need for viable pro-poor policy alternatives.

     

    Contents:

     

    INSTITUTE RESEARCH

    Program: The State of the US and World Economies, and Strategic Analysis

    • WYNNE GODLEY, DIMITRI B. PAPADIMITRIOU, CLAUDIO H. DOS SANTOS, and GENNARO ZEZZA, The United States and Her Creditors: Can theSymbiosis Last?

    Program: Distribution of Income and Wealth, and theLIMEW

    • CONFERENCE: Time Use and Economic Well-Being

    Program: Gender Equality and the Economy

    • CONFERENCE: Unpaid Work and the Economy: Gender, Poverty, and the Millennium Development Goals

    Program: Economic Policy for the 21st Century

    Financial Markets and Monetary Policy

    • JÖRG BIBOW, Bad for Euroland, Worse for Germany—The ECB’s Record

    Federal Budget Policy

    • L. RANDALL WRAY, The Ownership Society: Social Security is Only the Beginning . . .
    • L. RANDALL WRAY, Social Security’s 70th Anniversary: Surviving 20 Years of Reform

    INSTITUTE NEWS

    • New Research Scholar
    • New Research Associates
    • New Levy Institute Book: Italians Then, Mexicans Now
    • Upcoming Event: Conference, Government Spending on the Elderly, April 28–29

    CALL FOR PAPERS

    • Symposium: Gender, Tax Policies, and Tax Reform in Comparative Perspective, May 17–18

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    • Recent Levy Institute Publications
    Download:
    Author(s):
    W. Ray Towle

  • Summary Vol. 14, No. 3 | September 2005

    In a new Policy Note, Distinguished Scholar Wynne Godley observes that the state of aggregate demand in the United States is precariously based, as private debt and borrowing cannot continue to provide the motor for expansion for more than a couple of years, particularly if interest rates continue to rise. The risk is a return to recession, Godley says, and there is no remedy this time in the shape of a fiscal expansion.

     

    Contents:

     

    INSTITUTE RESEARCH

    Program: The State of the US and World Economies, and Strategic Analysis

    • WYNNE GODLEY, Imbalances Looking for a Policy
    • WYNNE GODLEY, Some Unpleasant American Arithmetic

    Program: Distribution of Income and Wealth, and the LIMEW

    • EDWARD N. WOLFF, AJIT ZACHARIAS, and HYUNSUB KUM, Interim Report 2005:The Effects of Government Deficits and the 2001–02 Recession on Well-Being
    • EDWARD N. WOLFF, Is the Equalizing Effect of Retirement Wealth Wearing Off?

    Program: Gender Equality and the Economy

    • STEPHANIE SEGUINO, Gender Inequality in a Globalizing World

    Program: Economic Policy for the 21st Century

    • CONFERENCE: The 15th Annual Hyman P.Minsky Conference, “Economic Imbalance: Fiscal and Monetary Policy for Sustainable Growth”

    Financial Markets and Monetary Policy

    • KORKUT A. ERTÜRK, Is the Dollar at Risk?
    • STEPHANIE SEGUINO, Is More Mobility Good?: Firm Mobility and the Low Wage–Low Productivity Trap
    • KORKUT A. ERTÜRK, Macroeconomics of Speculation
    • JÖRG BIBOW, Refocusing the ECB on Output Stabilization and Growth through Inflation Targeting?
    • JÖRG BIBOW, Liquidity Preference Theory Revisited: To Ditch or to Build On It?
    • JÖRG BIBOW, Europe's Quest for Monetary Stability: Central Banking Gone Astray

    Federal Budget Policy

    • PANOS KONSTAS, FDIC-Sponsored Self-Insured Depositors: Using Insurance to Gain Market Discipline and Lower the Cost of Bank Funding

    Explorations in Theory and Empirical Analysis

    • CLAUDIO H. DOS SANTOS and GENNARO ZEZZA, A Simplified Stock-Flow Consistent Post-Keynesian Growth Model
    • GREG HANNSGEN, The Disutility of International Debt: Analytical Results and Methodological Implications

    INSTITUTE NEWS

    • New Program Codirector and Senior Scholar
    • New Research Scholar and New Research Associate
    • United Nations Development Programme and Levy Institute Partnership
    • Upcoming Event: Conference, “Time Use and Economic Well-Being,” October 28–29
    • Levy Institute Awarded Grant from Smith Richardson Foundation, Inc.

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    • Recent Levy Institute Publications
    Download:
    Author(s):
    W. Ray Towle

  • Summary Vol. 14, No. 2 | May 2005

    This issue begins with a sensitivity analysis of public consumption—a major component of the Levy Institute Measure of Economic Well-Being—in relation to economic well-being in the United States. One of the notable observations contained in our report is that the distribution of public consumption is pro-rich.

     

    Download:
    Author(s):
    W. Ray Towle

  • Summary Vol. 14, No. 1 | January 2005

    A conference on the distributional effects of government spending and taxation was held at the Levy Institute's conference center in fall 2004 and is summarized under The Distribution of Income and Wealth program. The presentations outlined how governments play a large role in affecting inequality, since countries spend at least a quarter of GDP on social welfare and most governments tax one group in order to transfer benefits to another.

     

    Contents:

     

    INSTITUTE RESEARCH

    Levy Institute Measure of Economic Well-Being

    • EDWARD N. WOLFF, AJIT ZACHARIAS, and ASENA CANER, How Much Does Wealth Matter for Well-Being? Alternative Measures of Income from Wealth

    Strategic Analysis

    • WYNNE GODLEY, ALEX IZURIETA, and GENNARO ZEZZA, Prospects and Policies
      for the US Economy:Why Net Exports Must Now Be the Motor for US Growth

    Program: Distribution of Income and Wealth

    • CONFERENCE: The Distributional Effects of Government Spending and Taxation

    Program: Financial Markets and Monetary Policy

    • J�RG BIBOW, Assessing the ECB’s Performance since the Global Slowdown: A Structural Policy Bias Coming Home to Roost?
    • PHILIP ARESTIS and ASENA CANER, Financial Liberalization and Poverty:
      Channels of Influence

    Explorations in Theory and Empirical Analysis

    • GREG HANNSGEN, Gibson's Paradox,Monetary Policy, and the Emergence of Cycles
    • GREG HANNSGEN, The Transmission Mechanism of Monetary Policy: A Critical Review
    • MATHEW FORSTATER, Visions and Scenarios: Heilbroner's Worldly Philosophy, Lowe's
      Political Economics, and the Methodology of Ecological Economics

    INSTITUTE NEWS

    • New Appointment: DIANE ELSON
    • New Research Associate
    • New Research Scholars
    • NIHCM Foundation Award

    CALL FOR PAPERS

    • Conference: "Time Use and Economic Well-Being"

    PUBLICATIONS AND PRESENTATIONS

    • Publications and Presentations by Levy Institute Scholars
    • Recent Levy Institute Publications
    Download:
    Author(s):
    W. Ray Towle

  • Summary Vol. 13, No. 3 | October 2004

    In this issue: an overview of the 14th Annual Hyman P. Minsky Conference on Financial Structure. A common observation among participants was the atypical business cycle pattern associated with the 2001 recession: strong GDP growth and very little job growth.

     

    Contents:

     

    Institute Research - Levy Institute Measure of Economic Well-Being - Levy Institute Measure of Economic Well-Being: United States, 1989, 1995, 2000, and 2001; Strategic Analysis - Is Deficit-Financed Growth Limited? Policies and Prospects in an Election Year; Program: Distribution of Income and Wealth - The "War on Poverty" after 40 Years: A Minskyan Assessment · Changes in Household Wealth in the 1980s and 1990s in the United States; Program: Financial Markets and Monetary Policy - Conference: The 14th Annual Hyman P. Minsky Conference on Financial Structure, "Can the Recovery Be Sustained? US and International Perspectives" · Investigating the Intellectual Origins of Euroland's Macroeconomic Policy Regime: Central Banking Institutions and Traditions in West Germany after the War; Program: Federal Budget Policy - Inflation Targeting and the Natural Rate of Unemployment · Those "D" Words: Deficits, Debt, Deflation, and Depreciation; Explorations in Theory and Empirical Analysis - Some Simple, Consistent Models of the Monetary Circuit · Keynesian Theorizing during Hard Times: Stock-Flow Consistent Models as an Unexplored "Frontier" of Keynesian Macroeconomics; Institute News - New Board Members: Lakshman Achuthan; J. Ezra Merkin · New Levy Institute Book · Upcoming Event: Conference, The Distributional Effects of Government Spending and Taxation, October 15–16; Publications and Presentations - Publications and Presentations by Levy Institute Scholars · Recent Levy Institute Publications

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    Author(s):
    W. Ray Towle

  • Summary Vol. 13, No. 2 | May 2004

    The sharp reversal from surplus to deficit of the federal budget has prevented a deep recession, but long-term strategic economic difficulties remain. A new Strategic Analysis suggests that the government continue its substantial fiscal stimulus while enhancing the country’s international competitiveness, so as to stimulate export growth and use the domestic jobs thereby created to fill in the remaining employment gaps.

     

    Contents:

    Institute Research - Levy Institute Measure of Economic Well-Being - Levy Institute Measure of Economic Well-Being: United States, 1989 and 2000; Strategic Analysis - Deficits, Debts, and Growth: A Reprieve But Not a Pardon; Program: Distribution of Income and Wealth - Inequality of the Distribution of Personal Wealth in Germany 1973-1998; Program: Financial Markets and Monetary Policy - The Future of the Dollar: Has the Unthinkable Become Thinkable? · Financial Globalization and Regulation · Does Financial Structure Matter? · Fiscal Consolidation: Contrasting Strategies and Lessons from International Experiences; Explorations in Theory and Empirical Analysis - Borrowing Alone: The Theory and Policy Implications of the Commodification of Finance · A Post-Keynesian Stock-Flow Consistent Macroeconomic Growth Model: Preliminary Results · A Stock-Flow Consistent General Framework for Formal Minskyan Analyses of Closed Economies; Institute News - Upcoming Events: 14th Annual Hyman P. Minsky Conference, April 23-24, and The Distributional Effects of Government Spending and Taxation, October 15-16; Publications and Presentations - Publications and Presentations by Levy Institute Scholars · Recent Levy Institute Publications

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    Author(s):
    W. Ray Towle

  • Summary Vol. 13, No. 1 | January 2004

    The Winter Summary highlights the recent Levy Institute conference "International Perspectives on Household Wealth," which focused on the dynamics of the distribution of wealth across population subgroups, income levels, and regions. A common finding was the rapid growth in wealth, but increasing inequality, during the 1990s as a result of the euphoria in the financial markets.

     

    Contents: Institute Research - Program: Distribution of Income and Wealth - Conference: International Perspectives on Household Wealth · Do Workers with Low Lifetime Earnings Really Have Low Earnings Every Year? Implications for Social Security Reform · Savings of Entrepreneurs · A Rolling Tide: Changes in the Distribution of Wealth in he US, 1989-2001 · Wealth Transfer Taxation: A Survey · On Household Wealth Trends in Sweden over the 1990s · The Evolution of Wealth Inequality in Canada, 1984-1999; Program: Financial Markets and Monetary Policy - Inflation Targeting: A Critical Appraisal · Aggregate Demand, Conflict, and Capacity in the Inflationary Process; Program: Federal Budget Policy - Deflation Worries · Is International Growth the Way Out of US Current Account Deficits? A Note of Caution · Measures of the Real GDP of US Trading Partners: Methodology and Results · Understanding Deflation: Treating the Disease, Not the Symptoms; Institute News - Upcoming Event: 14th Annual Hyman P. Minsky Conference; Publications and Presentations - Publications and Presentations by Levy Institute Scholars · Recent Levy Institute Publications

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    Author(s):
    W. Ray Towle

  • Summary Vol. 12, No. 4 | January 2003

    A new Policy Note summarized under the Financial Markets and Monetary Policy program outlines Germany's poor economic record since unification. Author J�rg Bibow warns that the "German disease" (protracted policy-inflicted domestic demand stagnation) and the threat of a deflationary spiral are spreading throughout the Economic and Monetary Union (EMU).

     

    Contents: Institute Research - Program: Distribution of Income and Wealth - Household Wealth, Public Consumption, and Economic Well-Being in the United States; Program: Financial Markets and Monetary Policy - Pushing Germany Off the Cliff Edge · Finance and Development: Institutional and Policy Alternatives to Financial Liberalization Theory · Is Europe Doomed to Stagnation? An Analysis of the Current Crisis and Recommendations for Reforming Macroeconomic Policymaking in Euroland · Financial Sector Reforms in Developing Countries, with Special Reference to Egypt · Macroeconomic Policies of the Economic and Monetary Union: Theoretical Underpinnings and Challenges; Program: Federal Budget Policy - The Conditions for a Sustainable US Recovery: The Role of Investment · How Long Can US Consumers Carry the Economy on Their Shoulders? · Reinventing Fiscal Policy · The Case for Fiscal Policy; Explorations in Theory and Empirical Analysis - Minsky's Acceleration Channel and the Role of Money; Publications and Presentations - Publications and Presentations by Levy Scholars · Recent Levy Institute Publications

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    Author(s):
    W. Ray Towle

  • Summary Vol. 12, No. 3 | January 2003

    In a new Strategic Analysis, Distinguished Scholar Wynne Godley argues that personal debt levels in the United States cannot continue and that the country's balance of payments deficit has largely been ignored by both the government and the public. Godley foresees an era of growth recession characterized by rising unemployment—and the risk of financial implosion.

    Contents:

    Information on the upcoming "International Perspectives on Household Wealth," a conference of The Levy Economics Institute of Bard College · The most recent Strategic Analysis ("The US Economy: A Changing Strategic Predicament," Wynne Godley) · Conference summary: "13th Annual Hyman P. Minsky Conference on the State of the US and World Economies." Working paper topics include The Levy Institute Measure of Economic Well-Being; Does Trade Promote Gender Wage Equity?; USWorkers' Investment Decisions for Participant-Directed Defined Contribution Pension Assets; Mexicans Now, Italians Then: Intermarriage Patterns; The Nature and Role of Monetary Policy When Money Is Endogenous · Policy Note topics include Caring for a Large Geriatric Generation: The Coming Crisis in USHealth Care; Reforming the Euro's Institutional Framework.

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    Author(s):
    W. Ray Towle

  • Summary Vol. 12, No. 2 | January 2003

    The latest Strategic Analysis by the Institute's Macro-Modeling Team shows that the growth rate of private sector debt is unsustainable. The domestic economy is headed for a period of growth recession that can be offset only by a fiscal stimulus from the government sector, the authors say, and by increasing net export demand.

    Contents: The most recent Strategic Analysis (Dimitri B. Papadimitriou, Anwar M. Shaikh, Claudio H. Dos Santos, and Gennaro Zezza) · New Working Paper topics include: Income Dynamics of the Elderly, the Persistence of Hardship, the Causal Significance of the Stock of Money, the Economics of the "Third Way," the Tobin Tax, Equity Prices under Asset and Debt Deflation, the Effectiveness of Monetary and Fiscal Policies, Testing for Financial Contagion, the Credibility of Monetary Policy · New Policy Note: The Case for Public Spending · New Research Associate

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    Author(s):

  • Summary Vol. 12, No. 1 | January 2003

    In this issue: Senior Scholar James K. Galbraith, in a new Policy Note, argues that conditions attached to an International Monetary Fund loan to Brazil are a form of blackmail that will deflate the Brazilian economy and lead to further loans until the private foreign sector is safely divested of its Brazilian holdings.

     

    Contents: Conference summary: "Economic Mobility in America and Other Advanced Countries" · Policy Note topics: Brazil and the Larger International Monetary Problem; European Integration and the "Euro Project" · Working paper topics include Inflation and Output-Gap Variability in the EMU, Financial Globalization, Credibility of EMS Interest Rate Policies, Threshold Effects in the US Budget Deficit · New Research Staff · Levy Institute-Shanghai Exchange · Upcoming Conference

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    Author(s):
    W. Ray Towle

  • Summary Vol. 11, No. 4 | January 2002

    New Working Papers summarized in this issue include an examination of racial and ethnic differentiation in gender inequality, a proposal for a poverty measure that considers household wealth together with income, and a study of the probable impact of the United Kingdom’s adoption of the euro. An analysis of "narrow" banking by the IMF's Biagio Bossone concludes that it deprives the economy of key functions and diminishes the benefits of conventional banking.

    Contents: Working paper topics include US Ethnic School Attainments across Generations; Race, Ethnicity, and the Gender-Poverty Gap; Asset Poverty in the United States; Challenges to Economic and Monetary Union Macropolicies; Can Monetary Policy Affect the Real Economy? The Euro, Public Expenditure, and Taxation; and Managed Care, Physician Incentives, and Norms of Medical Practice · Levy Institute News: New Research Staff

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    Author(s):
    W. Ray Towle

  • Summary Vol. 11, No. 2 | January 2002

    This double issue begins with an account of an international symposium on gender-aware macroeconomics, held at the Levy Institute in May, and includes an overview of the Institute's 12th Annual Hyman P. Minsky Conference on Financial Markets.

     

    Contents: Summaries of events include the 12th annual Hyman P. Minsky conference and a symposium on gender-aware economics · The most recent issue of Strategic Analysis (Wynne Godley and Alex Izurieta) · Working paper topics: Immigrant-to-native wage ratios, dollarization in Argentina, the 25th anniversary of the CRA, the warrented growth rate, a Hicksian definition of income, a historical examination of monetarism, and asset prices and the business cycle · New Book · New Board Members · New Research Associates · Upcoming Conference

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    Author(s):
    W. Ray Towle

  • Summary Vol. 11, No. 1 | January 2002

    This Summary begins with Senior Scholar James K. Galbraith's analysis of a very topical issue—the war economy.

     

    Contents: New issue of Strategic Analysis (Wynne Godley and Alex Izurieta) · Policy Notes: The War Economy (Galbraith); Hard Times, Easy Money? Countercyclical Stabilization in an Uncertain Economy (Carpenter); Are We All Keynesians (Again)? (Papadimitriou and Wray) · Working Paper topics: Inter vivos transfers; monetary policies of the European Central Bank; economic sociology; incentives in HMOs · New Book · New Research Staff · Call for Papers

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    Author(s):
    W. Ray Towle

  • Summary Vol. 10, No. 4 | January 2001

    In a new Strategic Analysis, Distinguished Scholar Wynne Godley and Research Scholar Alex Izurieta provide an explanation for the recent economic slowdown in the United States, examine policy options, and discuss alternative scenarios for medium-term economic performance. In a related Policy Note, Phillips & Drew economist Bill Martin forecasts a post-bubble trauma for the United States that will have global consequences.

     

    Contents: Strategic Analysis: As The Implosion Begins...? Prospects and Policies for the US Economy: A Strategic View * New Policy Notes: The New Old Economy * The Backward Art of Tax Cutting * Killing Social Security Softly with Faux Kindness * Project Summary: Quality of Life * New Working Papers: The Role of Institutions and Policies in Creating High European Unemployment: The Evidence * Reflections on the Current Fashion for Central Bank Independence * Can Countries under a Common Currency Conduct Their Own Fiscal Policies? * Toward a Population History of the Second Generation: Birth Cohorts of Southern- , Central- , and Eastern-European Origins, 1871-1970 * Young Mexican Americans, Blacks, and Whites in Recent Years: Schooling and Teen Motherhood as Indicators of Strengths and Risks * Institute News: New Research Staff

     

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    Author(s):
    W. Ray Towle

  • Summary Vol. 10, No. 3 | January 2001

    Summaries of the speeches and sessions at the 11th Annual Hyman P. Minsky Conference on Financial Structure include the remarks of Thomas Hoenig, president of the Federal Reserve Bank in Kansas City, who discussed the broad policy lessons that can be learned from the recent proliferation of financial crises in developed nations and their implications for the Fed's role in crisis management.

     

    Contents: Conference Summaries: Quality of Life Indicators; Education Reform outside the School; 11th Annual Minsky Conference · Policy Notes: Put Your Chips on 35 (James K. Galbraith) and Financing Health Care (Walter M. Cadette) · Working Papers include "Euro Instability," "Making EMU Work," and "Will the Euro Bring Economic Crisis to Europe?"

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    Author(s):

  • Summary Vol. 10, No. 2 | January 2001

    A special feature by Senior Scholar Edward N. Wolff focuses on the inequality in the distribution of income and wealth—and what can be done about it.

     

    Contents: The Rich Get Richer (Special feature by Edward N. Wolff) · Is there a Skills Crisis? · Testing Profit Rate Equalization · The Markets versus the ECB · Origins of the GATT · Race or People · Productivity in Manufacturing and Length of the Working Day

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    Author(s):

  • Summary Vol. 10, No. 1 | January 2001

    A special project report by Senior Scholar Joel Perlmann outlines research he has been conducting on immigration, ethnic assimilation, and social mobility in America. Summaries of the sessions held at a related conference on multiraciality also appear in this issue.

     

    Contents: Conference on multiraciality and the 2000 Census · Project Report: Ethnicity, Assimilation, and Social Mobility in America · Racial wealth disparities · Asset ownership across generations · A reassessment of export-led growth · Demographic outcomes of ethnic intermarriage in American history · Call for papers · Announcement of upcoming conferences

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    Author(s):

  • Summary Vol. 9, No. 4 | January 2000

    New Policy Notes summarized in this issue argue that the interest policy pursued by the Federal Reserve is theoretically and empirically unjustifiable (L. Randall Wray, "Why Does the Fed Want Slower Growth?"), and that the current expansion in the United States is in serious danger without appropriate changes in fiscal and exchange rate policies (Wynne Godley, "Drowning in Debt").

    Contents: Conference on Saving, Intergenerational Transfers, and the Distribution of Wealth · Workshop on Earnings Inequality · New Working Paper topics include: Can European Banks Survive a Unified Currency? · Why Does the Fed Want Slower Growth? · Drowning In Debt · Kaleckian Models of Growth in a Stock-Flow Monetary Framework · New Policy Notes: Why Does the Fed Want Slower Growth? · Drowning in Debt

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    Author(s):

  • Summary Vol. 9, No. 3 | January 2000

    Summaries of the sessions held at the 10th Annual Hyman P. Minsky Conference on Financial Structure examine the problems and prospects of the liberalization of financial markets.

     

    Contents: Tenth Annual Hyman P. Minsky Conference on Financial Structure: Liberalization of Financial Markets · Is the New Economy Rewriting the Rules? · The Views of Jerome Levy and Michal Kalecki · History of Wage Inequality · Japan's Lost Decade · Trends in Wealth Ownership · Can the Expansion Be Sustained? · Phoenician Port Power

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    Author(s):
    Karl Widerquist Ajit Zacharias

  • Summary Vol. 9, No. 2 | January 2000

    The Spring Summary leads off with Senior Scholar Edward N. Wolff's report on his new research project: an in-depth empirical examination of the long-term effects of technological change on earnings, inequality, and employment in the United States.

     

    Contents: New Research Project: Long-Term Effects of Technological Change on Earnings, Inequality, and Labor Demand · Notes on the US Trade and Balance of Payments Deficits · On Krugman and the Liquidity Trap · Is There a Skills Crisis? · A New Approach to Tax-Exempt Bonds · Explaining the US Trade Deficit · The Brazilian Crisis · The Social Wage, Welfare Policy, and the Phases of Capital Accumulation · What's Behind the Recent Rise in Profitability?

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    Author(s):
    Karl Widerquist Ajit Zacharias

  • Summary Vol. 9, No. 1 | January 2000

    A special feature by Distinguished Scholar Wynne Godley focuses on the relationship between inventory investment and the American business cycle. Also in this issue: a new working paper by Federal Reserve Board Governor Laurence Meyer provides a central banker's perspective on the Asian crisis.

     

    Contents: Conference on Inequality in the Industrialized and Developing Countries · Special Feature on Inventories and the US Business Cycle · History of Wage Inequality in America · Finance in a Classical and Harrodian Cyclical Growth Model · Financing Long-Term Care · Rhetorical Evolution of the Minimum Wage · Seven Unsustainable Processes · Computers and the Wage Structure

     

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    Author(s):
    Karl Widerquist Ajit Zacharias

  • Summary Vol. 8, No. 3 | January 1999

    This double issue of the Summary features the Ninth Annual Hyman P. Minsky Conference on Financial Structure, which underscored the renewed general interest in Minsky's work as it applies to the global financial system.

     

    Contents: Risk Reduction in the New Financial Architecture · Can Goldilocks Survive? · Workshop: Earnings Inequality, Technology, and Institutions · Keynesian Alternatives to the Independent Central European Bank · Ninth Annual Hyman P. Minsky Conference on Financial Structure: Structure, Instability, and the World Economy · The Minimum Wage and Regional Wage Structure: Implications for Income Distribution · How Can We Provide for the Baby Boomers in Their Old Age? · Financing Full Employment · Surplus Mania

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    Author(s):
    Karl Widerquist Ajit Zacharias

  • Summary Vol. 8, No. 2 | January 1999

    In a new Policy Note summarized in this issue, Senior Scholar L. Randall Wray describes three threats to the current "Goldilocks" economy: global financial crisis, global deflation and excess demand, and a domestic surplus coupled with record private deficits.

    Contents: The Minimum Wage in Historical Perspective · Constructing Long and Dense Times-Series of Inequality Using the Theil Statistic · Women's Work? School Teaching across American Regions · Is Keynesianism Institutionalist? · Government Spending and Growth Cycles · Distributional Effects of Disinflationary Monetary Policy · President Clinton's Proposed Social Security Reform · How Negative Can US Saving Get? · From Common Market to EMU

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  • Summary Vol. 8, No. 1 | January 1999

    New Working Papers summarized in this issue cover a broad range of topics, including the effects of the Clinton expansion on employment opportunities, the development of modern money from a Chartalist perspective, the federal budget surplus in the context of the coming economic slowdown, concepts of time in economic theory, and the effect of the Asian crisis on Indian economic growth.

    Contents: The American Wage Structure 1920-194 · (Full) Employment Policy: Theory and Practice · Symposium: Employment Policies to Reduce Poverty · Money and Credit in a Keynesian Model of Income Determination · Finance and the Macroeconomic Process in a Classical Growth and Cycles Model · Can Expenditure Cuts Eliminate a Budget Deficit? · Modern Money

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  • Summary Vol. 7, No. 4 | January 1998
    In this issue, a new Working Paper by Research Associates William J. Baumol and Edward N. Wolff finds a relationship between accelerating technological change and increased duration of unemployment.

    Contents: Speed of Technical Progress and Length of the Average Interjob Period · "Inability to Be Self-reliant" as an Indicator of Poverty · Symposium: Is There a Shortage of Information Technology Workers? · Derivatives and Global Capital Flows: Application to Asia · Long-Term Determinants of Real Exchange Rates · The Macroeconomics of Industrial Strategy

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  • Summary Vol. 7, No. 3 | January 1998

    The fragility of the international financial system continues as a topic of discussion in worldwide policy circles. Alice Rivlin, Martin Mayer, Jan Kregel, and others discuss the causes of and recovery from the Asian crisis in remarks at a Levy Institute conference and in working papers.

    Contents: New Working Papers: The Political Economy of Corporate Governance in Germany * The Japanese Financial Crisis, Corporate Governance, and Sustainable Prosperity * Education's Hispanic Challenge * E Pluribus Unum: Bilingualism and Language Loss in the Second Generation * The Romance of Assimilation: Studying the Demographic Outcomes of Ethnic Intermarriage in American History * The Development and Reform of the Modern International Financial System * The Hierarchy of Money * The Asian Disease: Plausible Diagnoses, Possible Remedies * East Asia Is Not Mexico: The Difference between Balance of Payments Crises and Debt Deflations * Public Capital and Economic Growth: Issues of Quantity, Finance, and Efficiency * An Important Inconsistency at the Heart of the Standard Macroeconomic Model * Seminars: The Emergence of a National Labor Market in the United States * Fashion, Immigration, and the Economics of Ready-to-Wear * Help or Hindrance: The Economic Implications of Immigration for African Americans * Money and National Sovereignty in the Global * Money and National Sovereignty in the Global Economy * From Hammarapi to Leviticus: Who Shall Collect the Land's Rent—the Palace or the Creditors? * Workshop on Monetary Theory and Policy * Eighth Annual Hyman P. Minsky Conference on Financial Structure

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  • Summary Vol. 7, No. 2 | January 1998

    Of special interest in this issue is a summation of a congressional policy briefing by Wynne Godley and Jan Kregel. Also of note are summaries of working papers on an assessment of the contributions of Hyman Minsky to economic theory, the relevance of Kaleckian analysis to today's capitalist economies, and policy formulation as a discovery process.

    Contents: New Working Paper topics include: Government as Employer of Last Resort: Full Employment without Inflation * The School to Work Transition of Second Generation Immigrants in Metropolitan New York * Selective Use of Discretionary Public Employment and Economic Flexibility * Linking the Minimum Wage to Productivity * The Economic Contributions of Hyman Minsky * Employment Policy, Community Development, and the Underclass * Money and Taxes: The Chartalist Approach * Policy Innovation as a Discovery Procedure * The Kaleckian Analysis and the New Millennium * Institute News

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  • Summary Vol. 7, No. 1 | January 1998

    Scholars take different approaches to the questions of the possibility and desirability of attaining full employment. Barry Bluestone and Stephen Rose explore the effects of labor market slack on the inflation-unemployment trade-off, Malcom Sawyer and Philip Arestis advocate a return to Keynesian policies to secure full employment, and Beth Almeida looks to corporate strategies to explain the loss of good jobs that threatens sustainable prosperity in the United States.

    Contents: New Working Papers include: The Growth in Work Time and the Implications for Macro Policy * The Effects of Immigrants on African-American Earnings * Income Distribution, Macroeconomic Analysis, and Barriers to Full Employment * Is European Monetary Union Economically and Politically Sustainable? * Are Good Jobs Flying Away? US Aircraft Engine Manufacturing and Sustainable Prosperity * On Budget Deficits and Capital Expenditure * Seminar: The Mixing of Peoples: Intermarriage and the Making of Americans—History, Prospects, Policy * Symposium: The Second Generation Then and Now: Education and Early Job Market Experience * Selection from New Book: Using Figures to Guide Macroeconomic Policy * Institute News: Congressional Policy Briefings

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  • Summary Vol. 6, No. 4 | January 1997

    Scholars have begun to find explanations for the growing earnings inequality in the United States—not in inexorable market forces, foreign competition, or technological change in itself, but in corporate choices regarding pay, skill, and the adoption of new technology. This issue of the Summary reports on the work of several scholars in this area: William Lazonick compares the distribution of organizational learning in the American and Japanese auto industries, Robert Forrant studies the decline of the machine tool industry in the United States, and Philip Moss proposes case studies of firms' strategies as more productive than econometric analysis.

    Contents: New Working Papers: Minimum Wage and Justice? * Earnings Inequality and the Quality of Jobs: The Status of Current Research and Proposals for an Expanded Research Agenda * Second Generations: Past, Present, Future * Organizational Learning and International Competition: The Skill-Base Hypothesis * Skiki vono ko shtuvalo? The Seignorage Loss from Monetary Stabilization in Ukraine * Good Jobs and the Cutting Edge: The US Machine Tool Industry and Sustainable Prosperity * Aggregate Demand, Investment, and the NAIRU * The NAIRU: A Critical Appraisal * Institute News: Immigration Symposium * Debates-Debates * Research Update: Cambridge University Visiting Scholars

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  • Summary Vol. 6, No. 3 | January 1997

    Among the activities summarized in this issue are a series of three papers in which Visiting Scholar David A. Aschauer estimates static and dynamic effects of public capital investment on output and employment growth.

    Contents: New Working Papers: Real Estate and the Capital Gains Debate * Do States Optimize? Public Capital and Economic Growth * Output and Employment Effects of Public Capital * Dynamic Output and Employment Effects of Public Capital * Social Security: The Challenge of Financing the Baby Boom's Retirement * The Second Generation and the Children of the Native Born: Comparisons and Refinements * Gender Wage Differentials, Affirmative Action, and Employment Growth on the Industry Level * No Easy Answers: Comparative Labor Market Problems in the United States versus Europe * The Working Poor: Lousy Jobs or Lazy Workers? * "Multiracials," Racial Classification, and American Intermarriage—The Public's Interest * Disinflationary Monetary Policy and the Distribution of Income * The Impact of Declining Union Membership on Voter Participation among Democrats * Conferences: Promoting Employment and Economic Growth * Developments in the Financial System: National and International Perspectives * Institute News: New Book by Resident Scholar Oren M. Levin-Waldman

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  • Summary Vol. 6, No. 2 | January 1997

    At an ASSA session, "The Contributions of Hyman Minsky," scholars from the Levy Institute and elsewhere presented seven papers on the development and lasting influence of the distinguished scholar's work. Portions of the papers are synopsized in this issue.

    Contents: Exploring the Politics of the Minimum Wage * Protracted Frictional Unemployment as a Heavy Cost of Technical Progress * The Utilization of Human Capital in the US, 1975-1992: Patterns of Work and Earnings among Working-Age Males * Which Immigrant Occupational Skills? Explanations of Jewish Economic Mobility in the United States and New Evidence, 1910-1920 * Literacy among the Jews of Russia in 1887: A Reanalysis of Census Data * Taxes, Saving, and Macroeconomics * The New Welfare: How Can It Be Improved? * What Do Micro Data Reveal about the User Cost Elasticity? New Evidence on the Responsiveness of Business Capital Formation * Seminar: The Working Poor in the Inner City

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  • Summary Vol. 6, No. 1 | January 1997

    Featured in this double issue are reports on a workshop on the future of the welfare state, papers on assimilation of past and present immigrants and on selective migration among immigrants around 1900 by Joel Perlmann, and papers on alternative definitions of the United States' fiscal deficit by Neil H. Buchanan.

    Contents: New Public Policy Brief: Making Work Pay * New Working Papers: The Minimum Wage and the Path toward a High-Wage Economy * Assimilation: The Second Generation and Beyond, Then and Now * Selective Migration as a Basis for Upward Mobility? The Occupations of the Jewish Immigrants to the United States, ca. 1900 * Comparing Alternative Methods of Adjusting US Federal Fiscal Deficits for Cyclical and Price Effects * Which Deficit? Comparing Thirteen Measures of the US Fiscal Deficit on Theoretical and Empirical Grounds * A Critique of Competing Plans for Radical Tax Restructuring * Money, Finance, and National Income Determination: An Integrated Approach * Rethinking Health Care Policy: The Case for Retargeting Tax Subsidies * Debates-Debates: The Dole Tax Plan * The Economics of Aging * Seminar: Cultural Captivity: Japan's Financial Dinosaurs Resist Change * Workshop: The Future of the Welfare State * Institute News: Alan S. Blinder Rejoins Board of Advisors

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  • Summary Vol. 5, No. 3 | January 1996

    In this issue: a series of working papers growing out of the symposium "Global Capital Flows in Economic Development," sponsored by the Levy Institute and UNCTAD; a summary of the annual conference on employment; and a summary of the sixth annual conference on reconstituting the financial structure.

    Contents: Conferences: The Employment Act of 1946: 50 Years Later * Recent Developments in the Financial Structure * Forums: Immigration and Ethnicity * Seminars: The Legacy of Separate and Unequal Schooling * Economic Policy for a Winner-Take-All Society * The New Basic Skills * Symposium: Global Capital Flows in Economic Development * New Working Papers: Uncertainty and the Institutional Structure of Capitalist Economies * The Consumer Price Index as a Measure of Inflation and Target of Monetary Policy * Economic Insecurity and the Institutional Prerequisites for Successful Capitalism * A New Facility for the IMF? * Capital Inflows and Macroeconomic Policy in Sub-Saharan Africa * The Anatomy of the Bond Market Turbulence of 1994 * Intervention Versus Regulation: The Role of the IMF in Crisis Prevention and Management * Globalization, Capital Flows, and International Regulation * Capital Account Regulations and Macroeconomic Policy: Two Latin American Experiences * Managing Foreign Capital Flows: The Experiences of Korea, Thailand, Malaysia, and Indonesia * Understanding the 1994 Election: Still No Realignment

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  • Summary Vol. 5, No. 2 | January 1996

    New Working Papers in the research program on employment and labor market structure address nonparticipation in welfare programs by the working poor, trends in workplace skill requirements, and a structural approach to wage determination. A series of papers focusing on federal buget policy includes an analysis of biennial budgeting.

    Contents: New Working Papers: The Working Poor and Welfare Recipiency * Technology and the Demand for Skills * Unemployment, Inflation, and the Job Structure * Biennial Budgeting for the Federal Government: Lessons from the States * Reforming Unemployment Insurance: Toward Greater Employment *Seminars: How Credible Are Estimates of the Economic Returns to Schooling? * American Standards of Living * R&D and Innovation * New Public Policy Brief: Revisiting Bretton Woods * Institute News: Two New Members of the Board of Advisers * New Book

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Publication Highlight

One-Pager No. 47
Growth for Whom?
Author(s): Pavlina R. Tcherneva
October 2014

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